ASX-listed Virgin Money UK logged a statutory profit before tax of £345 million ($659.5 million) for the full year ended Sept. 30, down 42% from £595 million ($1.14 billion) a year earlier.

Net interest margin for the full year expanded to 1.91% from 1.85% in FY22, while underlying operating profit before impairments reached £902 million ($1.72 billion), marking a 9% increase.

For FY24, the company aims for a net interest margin of 190-195bps, continued loan growth, stable cost-to-income ratio, and sustainable double-digit statutory returns in the medium term.

Virgin Money also announced a share buyback program worth £150 million ($286.8 million).