November 28, 2019 / 7:16 AM / 8 days ago

CORRECTED-Virgin Money UK posts lower annual profit, cancels dividend

(Corrects to PPI mis-selling in first paragraph)

Nov 28 (Reuters) - Virgin Money UK Plc on Thursday reported a 7% fall in full-year underlying profit and suspended its dividend for the year, as the lender set aside more money to settle the PPI mis-selling scandal in Britain.

The owner of Clydesdale and Yorkshire Bank said underlying pretax profit dropped to 539 million pounds ($691.54 million) for the 12 months ended Sept. 30 from 581 million pounds a year earlier. ($1 = 0.7794 pounds) (Reporting by Pushkala Aripaka and Muvija M in Bengaluru; Editing by Shounak Dasgupta)

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