Virgin Money reports dip in lending, yet to see virus-related credit losses

Credit: REUTERS/Toby Melville

Britain's Virgin Money reported a dip in customer lending in the quarter to end-June on Tuesday as demand for mortgages and personal loans fell, but it was yet to see any spike in credit losses linked to the COVID-19 pandemic.

July 28 (Reuters) - Britain's Virgin Money reported a dip in customer lending in the quarter to end-June on Tuesday as demand for mortgages and personal loans fell, but it was yet to see any spike in credit losses linked to the COVID-19 pandemic.

Virgin Money, UK's sixth-largest lender, was pushed into a first-half loss in May after booking a 232 million pound ($298.31 million) provision for bad loans and likely defaults due to the global public health crisis.

The bank reported total balance sheet credit provisions of 584 million pounds after setting aside an additional 42 million pounds reflecting the take up of repayment holidays primarily in Mortgages and Personal business.

($1 = 0.7777 pounds) (Reporting by Muvija M in Bengaluru, editing by Sinead Cruise) ((muvija.m@tr.com; within UK +44 20 7542 1810, outside UK +91 90470 22289;)) Keywords: VIRGIN MONEY OUTLOOK/ (URGENT)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More