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Virgin Money UK rises after bank buys back nearly a million of its own shares

By Scott Kanowsky

Investing.com -- Virgin Money UK PLC (LON:VMUK) rose on Friday after the British lender said it purchased just under one million of its own shares as part of a wider stake repurchase program.

In a statement, the bank said it had bought back a total of 988,000 of its ordinary shares of £0.10 each (£1 = $1.2080).

The announcement comes after Virgin Money UK posted an increase in full-year income earlier this week thanks to a boost from elevated interest rates and credit card spending that helped offset provisions against bad loans that remained above pre-pandemic levels.

Statutory profit on ordinary activities before tax grew by 43% in the twelve-month period to September 30 to £595 million, which the Newcastle-based firm said was based on the higher rate backdrop.

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However, Britain's cost of living crisis and the impact it could have on consumer activity led Virgin Money UK to book an impairment charge of £52M. Despite provisions for COVID-19 impacts being unwound, the level of coverage also remained above pandemic levels, which the firm said reflected "worsening macroeconomic forecasts."

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