Virgin Money returns to H1 profit on lower bad loan provisions By Reuters

(Reuters) – British challenger bank Virgin Money (LON:VM) reported improved half-year earnings on Wednesday, after setting aside less cash to cover pandemic-driven loan losses.

The lender reported statutory pre-tax profit of 72 million pounds ($100.12 million) for the six months ended March 31, compared to a 7 million pound loss a year earlier when it made hefty provisions for potential soured loans.

The company took an impairment charge of 38 million pounds in the half-year period, much lower than the 232 million pounds it saw a year earlier.

($1 = 0.7192 pounds)