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Interim Results

Virgin Money lifts divi after profit increase

25 July 2017 07:47

Virgin Money's (VM.) underlying pre-tax profit rose 26% to £128.6 million in the first half, driven by strong performance in its mortgage and credit card businesses.

The bank's return on tangible equity increased to 13.3% from 12.2% a year earlier.

Jayne-Anne Gadhia, chief executive, said the growth was driven by the bank's "drive to maintain excellent asset quality, deliver customer satisfaction and retention, combined with continuing operational leverage".

Virgin Money announced a partnership with Virgin Atlantic to become its retail financial services partner in the UK from 2018. The partnership will offer customers a range of benefits, including Flying Club miles and Virgin Group discounts.

The board declared an interim dividend of 1.9p per share, which is up 19% from the first half of 2016.

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