Virgin Money UK Plc said it expects a total share buyback of £175 million ($223 million) for its 2023 financial year, as rate increases bolstered the firm’s surplus capital.
That comprises an immediate £50 million buyback and a further £125 million return at full-year results, according to a trading update Wednesday. The bank said its CET1 ratio, a core measure of capital strength, was 14.9%, which it is looking to reduce to 13-13.5%% by the end of September 2024.
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