Virgin Money grows mortgage book

Michael Lloyd

November 28, 2019

mortgage products drop

Virgin Money has achieved mortgage lending growth of 1.7% to £60.1bn in the year to 30 September.

Meanwhile, the group’s underlying profit of £539m was down 7%.

David Duffy, chief executive officer at Virgin Money, said: “In the first year of our newly combined business, we have delivered a good operating performance in challenging conditions and made great progress on the integration and rebrand to Virgin Money.

“Our statutory result was significantly affected by additional PPI provisions, driven by the unprecedented surge in PPI information requests in August, along with anticipated Virgin Money acquisition-related costs.

“We achieved all the required approvals in 2019 to enable us to operate as one bank, with one brand, and are ready to deliver our strategy to disrupt the status quo with brilliant customer service and unique Virgin Money products.

“In December we are launching Virgin Money’s first digital personal current account and three new Virgin Money concept stores.”

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