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Virgin Money UK begins GBP50 million buyback after quarter of progress

2nd Aug 2023 09:20

(Alliance News) - Virgin Money UK PLC on Wednesday said it delivered another quarter of "good progress", with growth in both its deposits and target lending segments.

Customer lending in the third quarter, ended June 30, totalled GBP72.57 billion, up 0.7% from GBP72.06 billion the previous year. Customer deposits totalled GBP67.27 billion, up 5.0% from GBP64.08 billion the year prior.

Virgin Money UK's net interest margin was 1.93% in the quarter, compared to 1.87% the year prior. The company said this was supported by higher interest rates.

Its transitional common equity tier 1 ratio was 14.9%, stable compared to 14.8% the previous year. By financial 2024, Virgin Money UK expects its CET1 ratio to normalise to between 13% and 13.5%.

Looking forward, the digital bank said it expects a total of GBP175 million of buybacks for financial 2023. Of this, Virgin Money UK said GBP50 million share buyback begins on Wednesday.

Shares in the firm were up 2.1% at 179.40 pence on Wednesday morning in London.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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