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Virgin Money's pre-tax profits jump 32% to £124m

written by Bella Palmer
Virgin Money

Virgin Money reports statutory pre-tax profits jumped 32 per cent to £123.8 million in the six months to 30 June as net interest income rose 14 per cent to £288.5 million.

The Edinburgh-headquartered bank said consumer loan balances rose 7.0 per cent on last year, pegged by a “disciplined approach to lending growth and high underwriting standards”.

On an underlying basis, profits for the six months to 30 June rose 26 per cent to £128.6 million. However impairments also rose 28 per cent year-on-year to £22.2 million (H1 2016: £17.4 million), most of which came from cards, up 29.2 per cent to £20.8 million (H1 2016: £16.1 million).

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

pre-tax profits Edinburgh-headquartered bank

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