Virgin Money UK PLC (LSE:VMUK) announced the launch of a share buyback programme which will see an initial £75mln returned to the bank’s shareholders.
The buyback starts today and will end no later than 17 December 2022, the company said in a statement.
"As Virgin Money continues to deliver against its strategic objectives and maintain a strong capital base, I am pleased to confirm the launch of our inaugural share buyback programme,” commented CEO David Duffy.
“Buybacks will play a significant role in the capital return policy we announced in May, as the company targets profitable growth and distributes excess capital.”
Alongside its interim results in May, Virgin Money revealed plans for a 30% full-year dividend pay-out, supplemented with buybacks.
The company said “today's buyback announcement supplements the 2.5p interim dividend in line with our announced framework”.
Shares rose 2.5% to 131.45p in morning trade.