July 26, 2018 / 6:26 AM / 5 months ago

Virgin Money reports 10 pct rise in H1 profit

July 26 (Reuters) - Virgin Money reported a 10 percent rise in first-half underlying pretax profit on Thursday, helped by growth across the bank’s core mortgages, savings and credit card businesses.

The British challenger bank, which is being bought by rival CYBG, said underlying pretax profit rose to 141.6 million pounds ($186.9 million) for the six months ended June 30, from 128.6 million pounds a year earlier.

Virgin Money forecast a banking net interest margin (NIM) of about 162 basis points for the full year 2018, lower than the 172 basis points reported in 2017. ($1 = 0.7578 pounds) (Reporting by Noor Zainab Hussain and Muvija M in Bengaluru; Editing by Amrutha Gayathri)

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