Virgin Money UK reinstated its dividend on Thursday as earnings recovered from the COVID-19 pandemic, with the bank setting new medium-term growth targets for margins and cost savings.
People walk past a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nichollsreinstated its dividend on Thursday as earnings recovered from the COVID-19 pandemic, with the bank setting new medium-term growth targets for margins and cost savings.
Britain's challenger banks, a relatively new breed of lenders that regulators hope will challenge the dominance of century-old mainstream banks, are rebounding from the health crisis. The lender, born out of the merger of CYBG and Virgin Money, set a gross cost savings target of 175 million pounds over the next three years to fiscal year 2024, adding it plans to reinvest half of that in the business.
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