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Clydesdale Bank Annual Results Year to 30 September 2000

2 November 2000

Clydesdale Bank today released its annual results and announced pre-tax profits of £185.1 million, an increase of 17.3%.

Total lending is up 5.5% to £7,041.0 million compared with the same period last year, with the strongest growth in the personal loans sector.

"These results reflect the Bank's ability to retain existing customers and attract new ones by offering clearly differentiated products and services which capitalise on the group's global expertise", said Stuart Grimshaw, Chief Executive of Clydesdale Bank.

In the highly competitive segment of personal finance, the Bank has performed strongly, achieving record volumes of new business with a 34.1% growth in personal loans.

Having pioneered the "Aussie-style" flexible repayment mortgage, the Bank continues to develop innovative products among the best of their type in the world. The introduction of Clydesdale's Flexible Repay mortgage is the first line of credit mortgage on the High Street.

"Clydesdale has taken a positive stance in favour of its customers, launching the new card-based product which provides low-cost access to the banking system and carefully assessing its role in the community where the Bank is the sole provider of services", said Mr Grimshaw.

The Bank has expanded the number of ways in which the customer can access bank services. In addition to face to face banking and telephone banking, a new generation of ATMs, first installed in Edinburgh, offers an increased range of features including the potential for Internet access. Clydesdale intends to introduce full Internet banking in the coming year.

"Delivering tailored products and services through an appropriate variety of channels is a key strategy for us, said Mr Grimshaw. "Rising customer satisfaction levels show we are on the correct course".

Other new products launched successfully during the year have included an Escalator Bond and a Charity Savings Bond, which raised £20,000 for Children 1st in Scotland.

New Executive Banking Mangers were appointed in Aberdeen, Inverness, Dundee, Perth and Glenrothes as part of the expansion of Premium Financial Services.

The launch of Tailored Business Loans has been particularly successful, extending the benefits of interest rate and foreign exchange risk management to a wider range of businesses in Scotland.

Investment has continued in Clydesdale's network of Business Banking Centres in Scotland, the City of London and south east of England. A new Agribusiness Banking Centre was extended at Thainstone in Aberdeenshire and the network of Agribusiness Banking Managers was expanded.

The Group's Wholesale Financial Services division played a key part in putting together the £90 million funding package for the Millennium Link scheme. The project to reopen both the Forth and Clyde Canal and the Union Canal is one of the most ambitious infrastructure projects ever undertaken in Scotland.

Clydesdale Bank Insurance Services returned another strong performance, with gross income up 21% to £20.3 million.