Virgin Money UK (VMUK) has reported an underlying operating performance broadly in line with expectations, with better headline profitability and capital due to lower payment protection insurance (PPI) charges. Nonetheless, the PPI charge results in the suspension of the dividend. Net interest margin (NIM) guidance for 2020 is better than anticipated, with other guidance in line with expectations. Overall, while capital is better than expected, the small headroom to management’s target does not provide significant room to manoeuvre to achieve its stated ambitions.
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