Virgin Money returns to profit on lower bad loan provisions squib

"We are cautiously optimistic about the improving outlook as the impact of the vaccination programme in the UK delivers positive revisions to economic expectations," Virgin Money Chief Executive David Duffy said. The bank, formed from the merger of Virgin Money and CYBG, reported pre-tax profit of 72 million pounds ($100.12 million) for the six months ended March 31, compared to a 7 million pound loss a year earlier when it made hefty provisions for potential soured loans. Virgin Money took an impairment charge of 38 million pounds in the half-year period, much lower than the 232 million pounds booked a year earlier.
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