Financial muscle: Virgin Money in rude health ahead of CYBG merger

Virgin Money has reported a better-than-expected rise in profits ahead of its merger with CYBG. For the six months to June, underlying pre-tax profit rose 10 per cent to £141.6 million, up from £128.6m. The figures come ahead of a proposed merger with the owner of the Clydesdale Bank, Yorkshire Bank and B brands. The takeovervaluesthebankat£1.7 billion. CYBG’S David Duffy will stay on as chief executive, leaving Virgin Money boss Jayne-anne Gadhia, above, to serve in a consultancy role as his senior adviser.