21st Nov 2022 10:07
(Alliance News) - Virgin Money UK PLC on Monday extended its share buyback programme to repurchase up to an additional GBP50 million.
The bank based in Newcastle, England said the buyback is an extension of the GBP75 million share buyback that was first announced in June and takes total buybacks in 2022 to GBP125 million.
in its financial 2023 results, Virgin Money also declared a 7.5 pence final dividend, within a 10 pence total annual payout. The company had reinstated its payout in financial 2022 with a 1p final dividend.
Pretax profit for the year that ended September 30 was up 43% year-on-year to GBP595 million from GBP417 million. The previous year had suffered from GBP76 million in "legacy conduct costs", versus just GBP8 million in the recent year. Financial 2022 also had lower restructuring costs.
Underlying pretax profit fell by 1.5% to GBP789 million from GBP801 million, as the year earlier was bolstered by a GBP131 million impairment release.
Underlying net interest income rose 13% to GBP1.59 billion from GBP1.41 billion, while net interest margin increased to 1.85% from 1.62% a year before. Virgin Money said it expects its financial 2023 net interest margin to be 1.85% to 1.90%.
Common equity tier 1 ratio was 15.0% on September 30, up from 14.9% a year before. Virgin Money expects its financial 2023 CET1 ratio to be above 14%.
Shares in Virgin Money were up 12% to 162.85 pence in London on Monday morning.
By Greg Rosenvinge; [email protected]
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