Virgin Money profits erased by coronavirus provision
Reuters
Published May 06, 2020 02:14AM ET
LONDON (Reuters) - British lender Virgin Money (L:VMUK) 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.
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Written By: Reuters
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