Record pre-tax profits for Virgin Money

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Virgin Money has posted its results for 2014, with underlying pre-tax profits rising by 127% to £121.2 million, from £53.4 million in 2013.

Mortgage balances increased to £21.9 billion, up 11.8% against market growth of 1.4%.

Net lending totalled £2.3 billion, a market share of 10.2%.

Meanwhile, mortgages over three months in arrears of 0.31% compared with the latest industry average of 1.33%.

Jayne-Anne Gadhia, chief executive of Virgin Money, said: “We have made great progress against our objectives to achieve strong growth, maintain our high quality balance sheet and deliver returns to shareholders. We set out to be a credible and effective challenger to the large incumbent banks and I believe we have laid an excellent foundation on which to realise our ambition. We now rank in the top six of all UK net mortgage lenders and are among the highest rated retail banks in the UK by Net Promoter Score.

“We aim always to live up to the consumer champion ethos of the Virgin brand and our conservative approach to risk and strong financial performance go hand in hand with our commitment to serve the needs of customers and communities.

“Following the progress made in 2014 I am pleased to report that we expect to be admitted to the FTSE 250 on 20 March 2015.

“Our staff are at the heart of Virgin Money and I would like to thank them for their hard work throughout what has been a landmark year for the business. I am pleased we are able to reward all eligible employees with a share in success bonus on top of their normal bonus awards, to add to the £1,000 of shares that all employees received on listing.”

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