Virgin Money profits erased by coronavirus provision

Virgin Money swung to a first-half loss after setting aside 237 million pounds ($294.7 million) to handle loans likely to turn sour as a result of the coronavirus crisis. The bank, which became the UK's sixth-largest lender following a merger with CYBG, reported a pre-tax loss of 4 million pounds for the six months ended March 31, compared to a 50 million pounds profit a year earlier.