Sunday, 5 December 2021

Virgin Money shares gain

Virgin Money

EDINBURGH: Virgin Money has reaffirmed its full-year guidance as it continued to grow mortgage, credit card and deposit balances in the three months to 30 September.

The Edinburgh headquartered bank notes gross mortgage lending stood at £6.5 billion at the end of Q3 and net lending stood at £3.2 billion.

Mortgage balances overall increased by £1.1 billion in Q3 to £32.9 billion overall and credit card balances rose by £100 million in the quarter to £2.9 billion.

Virgin Money said it remains on track to achieve £3 billion in “prime credit card balances” by the end of the year.

The bank noted in a first-half update credit card balances had risen 13 per cent year-on-year to £2.8 billion though impairments in the first half had risen to 28 per cent year-on-year to £22.2 million, most of which came from cards where impairments rose 29.2 per cent to £20.8 million (H1 2016: £16.1 million).

Virgin Money notes in a Q3 update, card spending patterns and arrears levels were “stable” and asset quality remained “strong” with cost of risk improving “modestly” against the first half.

Deposits increased by £500 million overall in the quarter to £30 billion.

Virgin Money notes is successfully raised around £750 million in Q3 completing a further Gosforth RMBS (residential mortgage-backed security) in US dollar and pound sterling tranches.

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