Virgin Money releases its 2016 annual results.
Gross mortgage lending at Virgin Money grew by 12% to £8.4bn with a reported market share of 3.4%, its 2016 results reveal today.
Mortgage balances increased by 17% to £29.7bn and net mortgage lending grew by 20% to £4.3bn with a reported market share of 11%.
Virgin Money reported underlying profit before tax at £213.3m – a 33% year-on-year increase.
Jayne- Anne Gadhia, chief executive at Virgin Money, said: “I am delighted to report another very successful year for Virgin Money in 2016.
“We continue to target high quality lending growth and the combination of strong new mortgage lending and improved customer retention resulted in 17% growth in mortgage balances to £29.7bn, significantly outpacing the market.”
Mortgage arrears remained at low levels at Virgin, with loans over three months in arrears of 0.15% compared to the industry average of 1%.
Outlining targets for next year, the annual summary highlights how Virgin will continue to target 3 to 3.5% of high quality gross mortgage lending and will maintain the application of strict underwriting standards.
Gadhia concluded: “We will continue to put customers at the heart of everything we do and remain on track to sustain a solid double-digit return on equity in 2017.”
