Vida Bank has reported a fourth consecutive year of profitability and confirmed robust growth across its lending and funding operations, following its transition to a fully authorised bank in 2024.
The specialist lender, part of Vida Group Holdings Limited, said it achieved £3.7 million in operating profit for the year to 31 December 2024. Net interest income stood at £32.5 million, reflecting what the group called a “solid” financial performance.
Mortgage originations reached £369 million, helping to grow the lender’s mortgage book by 9% to £1.9 billion. Application volumes over the year totalled £1.2 billion, a 67% increase on 2023. Vida attributed this growth to enhancements made to its mortgage product range and lending criteria, aimed at driving both gross lending and customer retention.
FUNDING
Three securitisations over the course of the year raised £850 million, while £173 million in retail deposits were gathered in the first month of the lender’s operations as a fully licensed bank. Together, these developments underpin what the firm described as a more diversified and sustainable funding base.
The year was defined by a key regulatory milestone for the business, as it secured full authorisation from the Prudential Regulation Authority. Vida launched a suite of savings accounts shortly afterwards, in a move that chief executive Anth Mooney said marked a step change in the bank’s strategic direction.
“2024 was a milestone year for Vida, marking our transition from a wholesale funded mortgage lender to becoming a fully authorised specialist mortgage bank,” said Mooney (pictured).
“Receiving our banking licence represents the culmination of many months of preparation, opening the door to a more diversified funding model with the launch of our retail deposit business.”
“This strategic transformation provides a very stable platform from which to scale sustainably over the coming years, strengthening our competitive position so that we can grow our asset base whilst delivering enhanced value to our shareholders, customers and intermediary partners.”
