Virgin Money Holdings UK announce ordinary dividend suspended for FY19; progressive and sustainable dividend ambition remains and the Board will reconsider dividends for FY20 in line with normal practice
Other financial highlights include:
Resilient operating performance in a challenging environment - NIM of 1.66% in line with guidance and 6% reduction in underlying costs to £942m; pre-provision operating profit improved +1% in 2019
Underlying profit of £539m down 7% due to higher impairments from IFRS 9 adoption and normalisation
Transformation on track - £53m of run rate net cost savings achieved; on track for c.£200m FY22 target
Statutory loss after tax of £194m due to legacy conduct costs and restructuring & acquisition costs; Q4 PPI provision of £385m is within the Group's previous guidance range
Robust capital position with CET1 ratio of 13.3%; provides capacity to execute our strategy and deliver all of the targets announced at our Capital Markets Day (CMD) in June
