Virgin Money takes Northern Rock back towards profitability

In its first set of annual results to be released since the acquisition of Northern Rock's savings and mortgages divisions in November 2011, Virgin Money has shown a position of monthly profit was delivered in each of the last four months of 2012, with an annual underlying profit now anticipated for 2013. Virgin Money reduced the loss on the combined business, before tax and before exceptional items, from £59.1m in 2011 to £8.4m in 2012. The cost of integrating Northern Rock amounted to £8.7m in 2012, after £2.2m in 2011. Virgin Money chief executive officer Jayne-Anne Gadhia said:...