July 28, 2020 / 6:31 AM / 16 days ago

Virgin Money reports dip in lending, yet to see virus-related credit losses

    July 28 (Reuters) - Britain's Virgin Money          reported
a dip in customer lending in the quarter to end-June on Tuesday
as demand for mortgages and personal loans fell, but it was yet
to see any spike in credit losses linked to the COVID-19
pandemic.
    Virgin Money, UK's sixth-largest lender, was pushed into a
first-half loss in May after booking a 232 million pound 
($298.31 million) provision for bad loans and likely defaults
due to the global public health crisis.
    The bank reported total balance sheet credit provisions of
584 million pounds after setting aside an additional 42 million
pounds reflecting the take up of repayment holidays primarily in
Mortgages and Personal business.
  
     

($1 = 0.7777 pounds)

 (Reporting by Muvija M in Bengaluru, editing by Sinead Cruise)
  
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