Virgin Money steps up its challenge to high-street bank with doubled profits
VIRGIN MONEY stepped up its challenge to the high-street banks as strong mortgage sales helped the group more than double annual profits.
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The company, majority owned by Sir Richard Branson and New York investor Wilbur Ross, saw its shares climb 16p to a 335p high, having floated last November at 283p.
It is set to join the FTSE 250 later this month.
Mortgage balances increased nearly 12 per cent to £21.9billion, credit card balances added 41 per cent to £1.1billion and retail deposits were up 6 per cent to £22.4billion.
Annual underlying pre-tax profi t soared 127 per cent to £121.2million.
Chief Jayne-Anne Gadhia said: “We set out to be a credible and effective challenger to the large incumbent banks. We have laid an excellent foundation on which to realise our ambition.”