The bank recorded a statutory PBT of £77m in its first year as an independent PLC, while underlying PBT also rose 39% from £159m in FY2015 to £221m for the year ending 30th September 2016.
This growth was attributed to a surge in mortgages, SME lending and deposits.
Jim Pettigrew, chairman of CYBG PLC, said: “2016 has been a landmark year in the long history of our bank, as we became independent for the first time since the 1920s.
“Our ambition is straightforward: to become the credible alternative to the big UK banks.
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“We intend to achieve this using our scalable infrastructure to support our growth ambitions, and our enhanced digital capability to streamline process and deliver a superior customer experience.”
In addition to a rise in profits, CYBG posted a 6.1% increase in its core SME book, with over £2.2bn of new loans and facilities granted.
Meanwhile, the customer experience also appeared to improve, with a 41% drop in the volume of complaints received.
The bank intends to continue this upward trajectory with a £350m investment programme to FY2018, which it hopes will further improve the customer experience and drive efficiency.
David Duffy, chief executive officer of CYBG PLC, added: “In our first year as a PLC, CYBG has delivered on our promises to our customers and shareholders, building strong foundations for our future growth and positive momentum going into 2017.
“As the only true full service, challenger bank of scale, we are perfectly placed to disrupt the status quo in the UK banking market.”
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