UPDATE 1-UK's Virgin Money bets on open banking after robust annual profits [Reuters (UK)]
Barclays PLC (BCS)
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Source: Reuters
UPDATE 1-UK's Virgin Money bets on open banking after robust annual profits | Reuters Reuters Staff 3 Min Read * FY pretax profit rises 28 pct to 273.3 million pounds * Reports 3.3 percent share of the UK’s mortgage market * Mortgage competition hotting up- CEO (Adds details, CEO comments, share movement) By Noor Zainab Hussain Feb 27 (Reuters) - Virgin Money reported a 28 percent rise in full-year pretax profit on the back of “market-beating” growth across its core products, as it looks to cash in on market reforms and prise customers away from Britain’s “Big Five” lenders. The British challenger bank said on Tuesday that underlying pretax profit rose to 273.3 million pounds ($382 million) for the year ended Dec. 31, beating analysts’ expectations of 259.02 million pounds. Virgin Money’s shares were up 5.6 percent at 279 pence at 1124 GMT, making it one of the biggest gainers on the FTSE Midcap Index. Virgin’s share of the British mortgage market, now at around 3.3 percent, is still
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