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06.05.2020

Virgin Money profit slumps 60% amid the coronavirus outbreak

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The impairment charge rose from £77 million to £232 million

Stocks impacted: Virgin Money UK PLC (VMUK)

The UK's sixth-largest lender reported that its underlying profit for the six months to March 31 fell 58% to £120 million ($232 million). The bank’s profit before tax slumped 40.5% from £37m to just £22m. The impairment charge rose from £77 million to £232 million. Virgin Money said it had entered the coronavirus crisis from a position of strength, but warned it anticipated "limited customer demand for lending and an increase in the number of customers suffering challenges" over the next six months. The bank has lost more than 60% of its market value this year. Its core capital buffer came in at 13.4%, above expectations of 12.8%.

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