Virgin Money UK Says 3Q Performance Positive; Launches GBP75 Mln Share Buyback

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By Michael Susin

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Virgin Money UK PLC said Tuesday that its performance for the third quarter of fiscal 2022 was positive, with growth across its target areas and customer base, and that it will buy back shares.

The financial-services company said that for the three months ended June 30 its mortgage book remained stable at 57.8 billion pounds ($71.91 billion) compared with the second quarter.

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Relationship deposits increased to 52% of total deposits, from 50% in the second quarter, while overall deposits decreased by 0.5% to GBP64.1 billion, it said.

The London-listed company’s net interest margin rose to 187 basis points from 183 basis points in the previous quarter, supported by higher rates and deposit spreads, its aid.

The company said it ended the latest quarter with a common equity Tier 1 ratio–a key measure of balance-sheet strength–of 14.8%, which was up by around 10 basis points.

Virgin Money also said it will launch a share-buyback program with an initial repurchase of GBP75 million.

“Looking out into an uncertain economic environment, while our asset quality remains resilient and customers aren’t yet showing signs of financial stress, we are helping our customers and colleagues navigate what will be a more difficult period for many,” the company said.

Write to Michael Susin at [email protected]

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Credit: www.marketwatch.com /

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