Clydesdale and Yorkshire Bank (CYBG) said trading in the three months to June 30 was in line with expectations and that it made £1.5 billion of new loans and facilities to small and medium sized businesses in the nine months to the end of June, up 4% up on the prior period.

CYBG said its mortgage book stood at £21.7 billion at June 30, representing annualised growth of 8% versus September 30 last year.

“We are making good progress in executing our strategy,” said David Duffy, chief executive of CYBG.

 “We continue to support our customers through the current period of uncertainty following the EU Referendum result.

“We made £ 1.5 billion available to small and medium sized businesses in the first nine months of the year, growth of 4% on the same period last year.

“As expected growth in mortgages returned to target levels after the surge in buy to let in Q2, with the majority of new business in owner occupied.”

CYBG said its net mortgage lending was £1.2 billion in the nine months to June 30, compared to £1.8 billion in the prior period.

“This was lower than the growth seen in the first half, as expected, given the increase in buy to let mortgage loans in the second quarter as customers brought forward applications in advance of the change to Stamp Duty on 1 April,” said CYBG.

“In the third quarter mortgage origination returned to our planned mix, with a majority of our new business in owner occupied.”