© Reuters. FILE PHOTO: People walk past a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls
(Reuters) – British challenger bank Virgin Money (LON:) UK on Tuesday increased its annual net interest margin outlook, as it benefits from higher-yielding lending on the back of rising interest rates.
The London-listed firm said its net interest margin (NIM) – a key measure of a bank’s underlying profitability will be about 175 basis points in fiscal 2022.
NIM improved to 177 basis points in the first quarter on lower cost funds, higher hedge contributions and higher yielding lending mix.
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