May 6, 2020 / 6:08 AM / a month ago

Virgin Money profits erased by coronavirus provision

LONDON, May 6 (Reuters) - British lender Virgin Money swung to a first-half loss after setting aside 237 million pounds ($294.7 million) to handle loans likely to go bad because of the coronavirus crisis.

The bank, which became the UK’s sixth-largest lender following a merger with CYBG, reported a pre-tax loss of 4 million pounds for the six months ended March 31, compared to a 50 million pounds profit a year earlier.

The pre-tax loss was in line with expectations, according to an average of analyst forecasts compiled by the company. ($1 = 0.8042 pounds) (Reporting by Iain Withers and Muvija M; Editing by Sinead Cruise)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below