UK’s Virgin Money revives dividend, targets cost savings – Reuters

People stroll previous a Virgin Money retailer in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls

Nov 4 (Reuters) – Virgin Money UK (VMUK.L) reinsaid its dividend on Thursday as earnings recovered from the COVID-19 pandemic, with the financial institution setting new medium-time period progress goals for margins And worth financial savings.

“We carried out very strongly in FY21, with an anticipated return to statutory revenue earlier than tax underpinned by vital underlying revenue progress,” Chief Authorities David Duffy said in A press launch.

Britain’s problemr financial institutions, A comparatively new breed of lenders that regulators hope will problem the dominance of century-previous primarystream financial institutions, are rebounding from the well being disaster.

Virgin Money UK said its underlying revenue for the fiscal yr to September was anticipated to surge to 801 million kilos ($1.09 billion) from the 124 million kilos it reported Inside the pandemic hit 2020.

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Source: https://www.reuters.com/business/virgin-money-brings-back-dividend-sets-new-medium-term-targets-2021-11-04/