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Virgin Money posts strong first-half profit on surge in mortgage lending

Reuters - UK Focus

July 28 (Reuters) - British bank Virgin Money said its first-half profit jumped 37 percent, bolstered by a surge in mortgage lending.

The bank, which listed last year and is backed by billionaire Richard Branson, said it expected a short delay in the delivery of mid-teens return on tangible equity due to the new 8 percent tax surcharge on banks' UK profits to be levied from January 2016. (Reporting by Aashika Jain in Bengaluru; Editing by Anupama Dwivedi)