The banking group, formerly known as CYBG, announced 12 branch closures in Scotland in September, which will soon leave it with just 43 branches across the country.

The group has confirmed that it will consider further cuts to branches to save costs as it pivots to a “digital-first” strategy.

Chief executive officer David Duffy said: “Following our decision to accelerate the next stage of our digital-first strategy, we are today announcing our medium-term growth, investment and efficiency targets, as well as details on FY21 performance.

“We performed very strongly in FY21, with an expected return to statutory profit before tax underpinned by significant underlying profit growth. We increased our net interest margin, reduced costs, improved impairments and delivered a strong capital progression which enabled the proposed reinstatement of a dividend.

“Our accelerated digital strategy will result in new propositions, including a digital wallet, and will deliver efficiency and agility improvements. The combination of these factors will help us to become a growth-oriented digital bank that offers a best-in-class experience and unique loyalty rewards for customers, and delivers double-digit returns for shareholders.”