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

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).