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Virgin Money reports dip in lending, yet to see…

July 28 – Britain’s Virgin Money reported a dip in customer lending in the quarter to end-June on Tuesday as demand for mortgages and personal loans fell, but it was yet to see any spike in credit losses linked to the COVID-19 pandemic. Virgin Money, UK’s sixth-largest lender, was pushed into a first-half loss in May after booking a 232 million pound ($298.31 million) provision for bad loans and likely defaults due to the global public health crisis. The bank reported total balance sheet credit provisions of 584 million pounds after setting aside an additional 42 million pounds reflecting the take up of repayment holidays primarily in Mortgages and Personal business. ($1 = 0.7777 pounds) (Reporting by Muvija M in Bengaluru, editing by Sinead Cruise)

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