5 May 2021 | 07:09am
StockMarketWire.com - Banking group Virgin Money UK swung to a first-half profit after a drop in bad debt charges offset a weaker operating income.
Pre-tax profit for the six months through March amounted to £72 million, compared to year-on-year losses of £7 million.
Underlying profit more than doubled to £245 million, up from £120 million, as impairment losses on credit exposures fell to £38 million, down from £232 million.
Underlying operating income fell 9% to £743 million.
'The quality of our loan book remained resilient in the period, and we've continued to support customers and look after our colleagues and communities, while safeguarding the bank,' chief executive David Duffy said.