Virgin Money has warned of “headwinds” from interest rate cuts and said it will face cost pressures as it pauses some restructuring efforts ahead of its £2.9 billion takeover. The high street lender – which agreed in March to be bought by rival Nationwide Building Society – reported an 18 per cent rise in pre-tax profits to £279m for the six months to March 31.
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NewsTranscript
00:00Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06Here are your headlines for this morning. Virgin Money has warned of headwinds from
00:11interest rate cuts and said it will face cost pressures. The high street lender agreed in
00:16March to be bought by its rival Nationwide Building Society. Virgin Money has reported
00:23an 18% rise in pre-tax profits to £279 million for six months to March 31st. It is braced
00:32for its net interest margin to be lower over the second half of the year ahead of expected
00:38interest rate cuts and ongoing competition in the sector. It's an update this morning
00:44from Virgin Money which has warned of headwinds from interest rate cuts. My name is Greg Wright
00:50and I'm the Deputy Business Editor of the Yorkshire Post.