Clydesdale Bank sees 53% profit rise before flotation

Clydesdale Bank has reported a 53% jump in first-half pre-tax profit benefitting from a one-off gain from capital restructuring and lower impairment losses on credit exposures. Outgoing AIB head David Duffy is shortly set to join the British lender as CEO.

Glasgow-based Clydesdale is the UK retail and commercial banking arm of National Australia Bank and is expected to go public in London this year. It said it was seeing encouraging growth in current account switchers.

“Our presence, in and commitment to, core regional markets among SMEs means that we are well placed to compete as demand for credit returns,” chief executive Debbie Crosbie said in a statement.