Virgin Money UK flags higher cost-to-income ratio in second half

Virgin Money UK

13/06/2024 07:30

June 13 (Reuters) - Virgin Money UK  VMUK.L  on Thursday
warned of a higher cost-to-income ratio in the second half of
the year as the British bank delayed certain restructuring plans
due to the Nationwide deal.
    The lender, which earlier this year agreed to a 2.9 billion
pound all-cash takeover by building society Nationwide, reported
an 18% rise in statutory pre-tax profit on ordinary activities
to 279 million pounds ($356.56 million) for the six months ended
March 31.
    The cost-to-income ratio is a key measure of efficiency
where lower is better.
    
    
($1 = 0.7825 pounds)

 (Reporting by Echha Jain in Bengaluru; Editing by Subhranshu
Sahu)
 ((Echha.Jain@thomsonreuters.com;))