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Virgin Money Uk Plc Interim Financial Report Six Months to 31 March 2021

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Virgin Money Uk Plc Interim Financial Report Six Months to 31 March 2021 VIRGIN MONEY UK PLC INTERIM FINANCIAL REPORT SIX MONTHS TO 31 MARCH 2021 Classification: Private BASIS OF PRESENTATION Virgin Money UK PLC ('Virgin Money', 'VMUK' or 'the Company’), together with its subsidiary undertakings (which together comprise the ‘Group’), operate under the Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands. This release covers the results of the Group for the six months ended 31 March 2021. Statutory basis: Statutory information is set out on page 19 and within the interim condensed consolidated financial statements. Underlying basis: The results are adjusted to remove certain items that do not promote an understanding of historical or future trends of earnings or cash flows, which enables a more meaningful comparison of the Group’s underlying performance. A reconciliation from the underlying results to the statutory basis is shown on page 20 and rationale for the adjustments is shown on page 100. Alternative performance measures: the financial key performance indicators (KPIs) used in monitoring the Group’s performance and reflected throughout this report are determined on a combination of bases (including statutory, regulatory and alternative performance measures), as detailed at ‘Measuring financial performance – glossary’ on pages 257 to 258 of the Group Annual Report and Accounts for the year ended 30 September 2020. APMs are closely scrutinised to ensure that they provide genuine insights into the Group’s progress; however, statutory measures are the key determinant of dividend paying capability. Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given. FORWARD-LOOKING STATEMENTS The information in this document may include forward-looking statements, which are based on assumptions, expectations, valuations, targets, estimates, forecasts and projections about future events. These can be identified by the use of words such as ‘expects’, ‘aims’, ‘targets’, ‘seeks’, ‘anticipates’, ‘plans’, ‘intends’, ‘prospects’, ‘outlooks’, ‘projects’, ‘forecasts’, ‘believes’, ‘estimates’, ‘potential’, ‘possible’, and similar words or phrases. These forward-looking statements, as well as those included in any other material discussed at any presentation, are subject to risks, uncertainties and assumptions about the Group and its securities, investments and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions, combinations, disposals or other corporate activity undertaken by the Group (including but not limited to the integration of the business of Virgin Money Holdings (UK) PLC and its subsidiaries into the Group), trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geopolitical factors, the repercussions of the outbreak of coronaviruses (including but not limited to the COVID-19 outbreak), changes to its Board and/or employee composition, exposures to terrorist activity, IT system failures, cybercrime, fraud and pension scheme liabilities, changes to law and/or the policies and practices of the Bank of England (BoE), the Financial Conduct Authority (FCA) and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the Group, future capital expenditures and acquisitions, the repercussions of the UK’s exit from the European Union (EU) (including any change to the UK’s currency and the terms of any trade agreements (or lack thereof) between the UK and the EU), Eurozone instability, and any referendum on Scottish independence. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Forward-looking statements involve inherent risks and uncertainties. Other events not taken into account may occur and may significantly affect the analysis of the forward-looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates gives any assurance that any such projections or estimates will be realised or that actual returns or other results will not be materially lower than those set out in this document and/or discussed at any presentation. All forward- looking statements should be viewed as hypothetical. No representation or warranty is made that any forward-looking statement will come to pass. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates undertakes any obligation to update or revise any such forward- looking statement following the publication of this document nor accepts any responsibility, liability or duty of care whatsoever for (whether in contract, tort or otherwise) or makes any representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of, the information in this document. The information, statements and opinions contained in this document do not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. Classification: Private Interim financial report For the six months ended 31 March 2021 Contents Virgin Money UK PLC Interim Results 2021 1 Business and financial review 3 Risk management 21 Risk overview 22 Credit risk 28 Financial risk 55 Statement of Directors’ responsibilities 72 Independent review report to Virgin Money UK PLC 73 Financial statements 74 Interim condensed consolidated income statement 74 Interim condensed consolidated statement of comprehensive income 75 Interim condensed consolidated balance sheet 76 Interim condensed consolidated statement of changes in equity 77 Interim condensed consolidated statement of cash flows 78 Notes to the interim condensed consolidated financial statements 79 Additional information 100 Classification: Private Virgin Money UK PLC Interim Results 2021 David Duffy, Chief Executive Officer: “Virgin Money had a strong first half. We doubled underlying profit compared to last year and returned to statutory profit. The quality of our loan book remained resilient in the period, and we’ve continued to support customers and look after our colleagues and communities, while safeguarding the bank. We’ve made significant strategic progress to transform Virgin Money into a leading digital bank and our rebranding is largely complete. We’ve launched a range of innovative and compelling Virgin Money personal and business products as well as differentiated loyalty offers, which are showing early signs of success. Our ESG strategy continues to gain momentum across the business including developing sustainability-linked business loans and a green mortgage product as we look to further embed sustainability across everything we do. This lays the foundation for efficient, sustainable growth of deep, long-lasting customer relationships. We are cautiously optimistic about the improving outlook as the impact of the vaccination programme in the UK delivers positive revisions to economic expectations. We’re continuing to manage through what is still an uncertain economic backdrop, but the bank is well placed, with a strong balance sheet, and through ongoing strategic delivery we have a clear path to long-term, improved sustainable returns.” Significantly stronger financial performance in H1 Returned to statutory profit, with underlying profit more than doubling YoY to £245m (H1 2020: £120m) given significantly lower impairment charge; underlying RoTE improved to 10.1% (H1 2020: 4.6%) Income 9% lower YoY saw pre-provision operating profit decline to £283m, although this recovered by 4% compared to H2 2020: o H1 NIM declined 6bps YoY to 1.56% but with improved momentum as Q2 increased to 1.60%; continued deposit repricing and mix benefit, and stronger mortgage spreads more than offset lower hedge income and higher liquidity o Deposit costs now 61bps (FY20: 90bps) underpinning overall cost of funds reduction compared to FY20 o Subdued non-interest income of £66m primarily reflects low activity; expected to improve with the easing of lockdown and as broader economic activity rebounds Operating costs of £460m reduced 1% YoY but remained stable in the half as cost savings were offset by one-off costs and the impact of higher investment; expect stronger H2 reduction given benefit of transformation savings and lower investment Low impairment charge of £38m (11bps cost of risk) given continuing support reducing the impact on customers; updated macroeconomics and limited specific provisions or changes in portfolio asset quality metrics in the period Statutory profit before tax of £72m after deducting £173m of exceptional items: £49m of integration & transformation costs, £47m of acquisition accounting unwind, £71m of conduct charges (£59m related to PPI, including charge taken in Q1); working towards closing down PPI programme Prudent volume management saw a stable loan book at £72.2bn: o Stable mortgages balances at £58.3bn with volumes carefully managed through an uncertain backdrop,
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