Virgin Money profit slumps on half-billion bad loan charge

Virgin Money UK reported a 77% drop in annual underlying pre-tax profit on Wednesday, as it took a 501 million pound ($669.14 million) impairment charge against an expected surge in bad loans in Britain's coronavirus-driven economic downturn.

The UK's sixth-largest lender reported an underlying pretax profit of 124 million pounds for the 12 months ended Sept. 30, compared to a profit of 539 million pounds a year earlier.