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Virgin Money UK posts lower annual profit, cancels dividend

Virgin Money UK posts lower annual profit, cancels dividend
FILE PHOTO: Signage is seen outside a branch of Virgin Money in Manchester, Britain, November 20, 2018. REUTERS/Phil Noble/File Photo   -   Copyright  PHIL NOBLE(Reuters)
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(Reuters) – Virgin Money UK Plc <VMUK.L> on Thursday reported a 7% fall in full-year underlying profit and suspended its dividend for the year, as the lender set aside more money to settle the PPI mis-selling scandal in Britain.

The owner of Clydesdale and Yorkshire Bank said underlying pretax profit dropped to 539 million pounds ($691.54 million) for the 12 months ended Sept. 30 from 581 million pounds a year earlier.

(Reporting by Pushkala Aripaka and Muvija M in Bengaluru; Editing by Shounak Dasgupta)

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