Business
Interim Financial Report to 30 September 2024
Interim Financial Report to 30 September 2024.
About this update from Nationwide Building Society
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\nBASIS OF PRESENTATION\nVirgin Money UK PLC ('Virgin Money', 'VMUK' or 'the Company'), together with its subsidiary undertakings (which together comprise the 'Group'), operate under the Clydesdale Bank, Yorkshire Bank and Virgin Money brands. Following the acquisition of the Group by Nationwide Building Society (Nationwide), the financial year end of the Company was changed from 30 September to 31 March in order to align to Nationwide's financial year end. This release therefore covers the interim results of the Group for the 6 months ended 30 September 2024 and the Group's next Annual Report and Accounts will cover the 18-month period ending 31 March 2025. Unless otherwise stated, income statement commentaries throughout this document compare the 12 months ended 30 September 2024 to the 12 months ended 30 September 2023 and the balance sheet analysis compares the Group balance sheet as at 30 September 2024 to the Group balance sheet as at 30 September 2023. The Interim Financial Report is unaudited and the independent review report is included on page 56.\nStatutory basis: Statutory information is set out within the interim condensed consolidated financial statements.\nExcluding notable items basis: Management exclude certain items from the Group's statutory position to arrive at an 'excluding notable items' basis. The exclusion of notable items aims to remove the impact of one-offs and other volatile items which may distort period-on-period comparisons. Rationale for the notable items is shown on page 87. This basis is classed as an alternative performance measure, see below. In the Group's 2023 Annual Report and Accounts, items adjusted from the Group's statutory position resulted in an 'underlying basis' of performance. Since then, the Group has not presented results on an underlying basis, moving instead to a statutory presentation of its income statement, whilst still providing details of notable items of income and expenditure. Comparative periods have not been restated as the 'excluding notable items basis' is directly comparable to the previously disclosed 'underlying basis'. Further information on this change is shown on page 87.\nAlternative performance measures (APMs): the key performance indicators (KPIs) and performance metrics used in monitoring the Group's ...