Virgin Money increased its pre-tax profit by 53% to £160.3m in 2015.
Virgin Money increased its pre-tax profit by 53% to £160.3m in 2015.
Virgin lent £7.5bn on a gross basis and £3.6bn on a net basis, while it upped its mortgage balances by 16% to £25.5bn.
The lender’s mortgage arrears over three months stood at 0.22% compared to an industry average of 1.12%.
Jayne-Anne Gadhia, chief executive at Virgin Money, said: “We have performed strongly against our objectives, including delivering market-beating growth in our core mortgages, savings and credit card businesses, maintaining the quality of our balance sheet and delivering a customer satisfaction rating among the highest scoring retail banks in the UK.
“Growth in our mortgage book outpaced the market as we continued to support demand for housing in the UK. We will continue to put our customers at the heart of everything we do and look to the future with confidence.”
Virgin’s mortgage business is comprised of 83% residential and 17% buy-to-let.
The lender said it does not expect new tax regulations of a 3% surcharge and a reduction in mortgage tax relief having a “material impact” on business.
