Half Year 2021 Virgin Money UK PLC Earnings Call Transcript
Good morning, everyone, and of course, good evening to those of you who are in Australia, and welcome to our half 1 results presentation, and thank you for taking the time to join us.
Before we begin, I'd like to welcome Clifford, our new group CFO, who joins me today to deliver his first set of Virgin Money results.
Our presentation today will take approximately 30 minutes and will be followed as usual by a live Q&A session.
Let me begin our presentation with a summary of our performance, which you can find on Slide 4. Our financial performance for the first half of '21 improved across the franchise, and we delivered a statutory profit of GBP 72 million and our underlying profit more than doubled to GBP 245 million due to lower-than-anticipated impairment charges, which is similar to the industry.
Our NIM improved in the early part of the year from 152 basis points in Q4 to 160 basis points in the second quarter and that translates into a 156 basis points for the first half. And this
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