Virgin Money profits erased by coronavirus provision

Virgin Money profits erased by coronavirus provision

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

Signage is seen outside a branch of Virgin Money in Manchester
FILE PHOTO: Signage is seen outside a branch of Virgin Money in Manchester, Britain, November 20, 2018. REUTERS/Phil Noble

LONDON: British lender Virgin Money swung to a first-half loss after setting aside 237 million pounds (US$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.

Source: Reuters

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