Virgin Money's profits plummet as the lender braces for a £501m surge in bad loans stemming from the pandemic

[shlomo]

https://www.thisismoney.co.uk/money/markets/article-8985135/Virgin-Moneys-profits-plummet-gears-spate-bad-debts.html

Virgin Money's profits have fallen by 77 per cent to £124million in the last year, as the group braces itself for a surge in bad debts arising from the pandemic. 

The lender took a £501million impairment charge against an expected surge in bad loans as businesses and individuals battle to stay afloat financially.

David Duffy, chief executive of Virgin Money, said: 'Although the vaccine news is a strong cause of hope for the future, the economic benefits are still some way off when considering the immediate reality of current restrictions and so have not yet been factored into our near-term forecasts.'

 

 

 

(PS I know virginatlantic and virgin money are nothing to do with each other, but they are Hotties

[msi]

Share price virtually unchanged over a year and up 50% from the last 90 days. Market suggest they are still ok.