Virgin Money reports a strong year

Newcastle-headquartered group Virgin Money reports major profit increases for 2013

Virgin Money
Virgin Money

The Newcastle-headquartered Virgin Money has reported major improvements in profitability, reflecting strong balance sheet growth and higher margins.

Financial results for 2013 show the group’s underlying profit for the year was £53.4m, compared to a loss of £2.5m in 2012.

Statutory profit before tax, meanwhile, grew from £150.6m to £179.4m.

The company also reported strong growth in both mortgages and savings.

Chief executive Jayne-Anne Gadhia said: “I am delighted with our performance in 2013.

“During the year, we maintained the strong momentum that we have established in our core mortgages and savings business, while investing in building the banking capabilities which will enhance our future growth potential.”

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