Virgin Money profits soar 53%
Virgin Money's profit before tax rose by 53% to £160.3 million in 2015.
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In its full year results, Virgin reported statutory profit before tax of £138.0 million, compared to £34.0 million in 2014.
Mortgage balances increased to £25.5 billion, up 16%, versus market growth of 1.8%.
Gross mortgage lending totalled £7.5 billion, representing a market share of 3.4%, and net lending hit £3.6 billion, representing a market share of 10.6%.
Jayne-Anne Gadhia, Chief Executive at Virgin Money, said:
“I am delighted to report a 53 per cent increase in underlying profit for 2015 which ended the year at £160.3 million. 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."
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