Brief: Virgin Money UK Sees Adj Cost-To-Income Ratio To Be Higher In H2 Vs H1

Virgin Money UK

13/06/2024 08:00

June 13 (Reuters) - Virgin Money UK PLC  VMUK.L :
    * INTERIM FINANCIAL REPORT
    * HY NET INTEREST INCOME (EXCLUDING NOTABLE ITEMS) 868
MILLION
POUNDS
    * HY STATUTORY TOTAL OPERATING INCOME 923 MILLION POUNDS
    * AS AT MARCH 31, COMMON EQUITY TIER 1 (CET1) RATIO (IFRS 9
TRANSITIONAL) 14.6%
    * HY NIM 1.94%
    * SEES 5-10% GROWTH ACROSS TARGET LENDING SEGMENTS OF
BUSINESS AND
UNSECURED LENDING IN FY24, AS GUIDED AT FY23
    * CONTINUE TO EXPECT NIM TO BE IN 190-195BPS RANGE FOR FY24,
WITH
NIM LOWER IN H2 VERSUS. H1
    * ADJUSTED COST: INCOME RATIO ANTICIPATED TO BE HIGHER IN H2
VERSUS. H1
    * STATUTORY ROTE EXPECTED TO BE LOWER IN H2 VERSUS H1
    * IN LIGHT OF PROPOSED ACQUISITION BY NATIONWIDE BUILDING
SOCIETY
GROUP HAS DEFERRED CERTAIN RESTRUCTURING ACTIVITIES
    * CONTINUE TO EXPECT COR OF 30-35BPS FOR FY24
    * HY STATUTORY PROFIT BEFORE TAX INCREASED 18% YOY TO £279M
    * EXPECT THERE TO BE HEADWINDS THROUGH SECOND HALF OF YEAR,
WE
REMAIN WELL PLACED TO DELIVER GROWTH IN OUR TARGET SEGMENTS

Source text for Eikon:  ID:nRSM2259Sa 
Further company coverage:  VMUK.L 

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