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UK's Virgin Money reports 33 pct jump in pretax profit
February 28, 2017 / 7:50 AM / 9 months ago

UK's Virgin Money reports 33 pct jump in pretax profit

Feb 28 (Reuters) - Virgin Money Holdings Plc reported resilient demand following Britain’s vote to leave the European Union, helping the bank to a 33 percent rise in full-year underlying pretax profit.

Underlying pretax profit rose to 213.3 million pounds ($265.07 million) for the year ended Dec.31 from 160.7 million pounds.

Gross mortgage lending rose 12 percent to 8.4 billion pounds in the year, winning a 3.4 percent share of the UK mortgage market.

However, the lender’s impairment charges rose to 37.6 million pounds from 30.3 million, with most of the rise coming in its credit card business.

The bank said that was a reflection of a sharp rise in its credit card lending, which rose 55 percent to 2.4 billion pounds.

$1 = 0.8047 pounds Reporting by Noor Zainab Hussain and Rahul B in Bengaluru; editing by Jason Neely

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