Yorkshire Bank bill for mis-selling rises to £2.1bn

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YORKSHIRE and Clydesdale Banks are putting aside a further £450m after provisions for PPI increased.

Former owners NAB footing  the majority (£413m) of the increase.

The total bill for mis-selling has now reached £2.1bn.

CYBG is funding 9.7% of the provision increase, and will see a £44m dent in its balance sheet for the six month period ended 31 March 2016.

This follows the announcement by NAB in their half year results that revenues rose 3.3%, with strong first half cash profits of $3.31 billion, a 6.5% rise after it shed its troubled UK banking arms in February through a demerger.

The Melbourne bank did announce that it had made a loss due to a further £2.1bn (Aus$4.22bn) in costs associated with disposing of its British subsidiary. 

CYBG said the results were “of limited value to CYBG’s stakeholders” though they cover the period when NAB still owned the banks.