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Virgin Money hikes dividend as FY'17 profit rises YOY

Virgin Money Holdings (UK) Plc proposed a final dividend of 4.1 pence per ordinary share payable May 16 to shareholders on the record as of April 6 business closing, as it is full-year consolidated profit attributable to equity holders increased year over year in 2017 to £192.1 million from £140.1 million.

This brings the total dividend for the year to 6.0 pence per ordinary share, 17.6% higher than in 2016, in addition to an interim dividend already paid in September 2017 of 1.9 pence per ordinary share.

Diluted EPS came in at 37.5 pence, compared to 29.1 pence in 2016.

Net interest income also rose to £594.6 million from £522.4 million in the year-ago period, while net fee and commission income increased year over year to £29.6 million from £27.6 million.

Return on tangible equity also ticked up to 14.0% from 12.4% a year prior.

CEO Jayne-Anne Gadhia said the bank expects "to maintain solid double-digit returns in 2018."