Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

UK lender Virgin Money sticks to annual outlook despite mortgage pressures

Published On :

(Reuters) -British challenger bank Virgin Money UK on Wednesday maintained its full-year outlook and reported stable net interest margin (NIM) in the third quarter despite pressure from its mortgages business.

Virgin Money has been restructuring itself as it grapples with a drop in footfall and transaction volumes. The lender said it was now accelerating its restructuring activity, including a 30% reduction in its store network.

Third-quarter NIM – a key measure of profitability – dipped one basis point (bp) from the prior three months to 193 bps, it added.

Virgin Money said higher interest rates were offset by spread pressure in mortgages and continued deposit migration.

The Group expects housing activity to remain muted in the near term, given the implications of higher rates, and will continue to focus on supporting existing customers and managing mortgage profitability considering the current challenging trading conditions,” it said.

The London-listed lender also announced its plans to buyback shares worth 175 million pounds ($159.58 million) in fiscal year 2023 and more in 2024.

($1 = 0.7833 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts