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Britain’s Virgin Money full-year profit misses market view

23Nov

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Money

Britain’s Virgin Money full-year profit misses market view

People walk past a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls/File Photo Acquire Licensing RightsNov 23 (Reuters) - Virgin Money UK (VMUK.L) on Thursday reported full-year profit below market estimates, pulled down by pressure on lending margins and stubborn inflation that squeezed British banks' returns.The British banking industry faces a tough economic outlook, higher risks of loan defaults amid a cost-of-living crisis, and margin pressure from fierce competition for savings and mortgage products.Virgin Money said its underlying profit before tax slumped 24% to 593 million pounds ($738.94 million) for the 12-month period, compared with a forecast of 625 million pounds by analysts in a company-compiled consensus.For the financial year 2024, Vir...

Plus500 returns money to shareholders, eyes expansion despite profit drop

Shareholder returns of $120 mlnHY core profit down 43% Y-O-YShares up as much as 6%Aug 14 (Reuters) - Online trading platform Plus500 (PLUSP.L) announced on Monday it would return $120 million to shareholders through dividends and share buybacks and said it was looking at further international expansion through acquisitions.The London-listed company posted a 43% slump in core profit in the first half as market volatility declined. However, earnings were up 17% sequentially from the second half of last year.Shares in the company rose by as much as 6%.Trading platforms are dealing with a slowdown in client activity, as market volatility eased from highs witnessed during Russia's invasion of Ukraine last year and the pandemic."We are very much positive about the future for the second half .....

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

Life Insurance Corporation of India (LIC) logo is seen displayed behind figurines in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoBENGALURU, Aug 10 (Reuters) - Life Insurance Corporation of India (LIFI.NS) reported a surge in first-quarter profit on Thursday as the company moved money to a shareholders' fund and income from its investments jumped.The life insurer posted a profit after tax of 95.44 billion Indian rupees ($1.16 billion) for the quarter ended June 30, compared with 6.83 billion rupees a year earlier.State-owned Life Insurance Corporation (LIC) has been transferring money from its non-participating fund to a shareholders' fund to boost its profitability.Reuters reported last year that the life insurer was planning to transfer 1.8 trilli...