Virgin Money Holdings has reported resilient demand following Britain's vote to leave the European Union, helping the bank to a 33 per cent rise in full-year underlying pretax profit. Underlying pretax profit rose to £213.3 million (€250.5 million) for the year ended December 31st from £160.7 million. Gross mortgage lending rose 12 per cent to £8.4 billion (€9.9 billion) in the year, winning a 3.4 per cent share of the UK mortgage market. The bank said that was a reflection of a sharp rise in its credit card lending, which rose 55 per cent to £2.4 billion (€2.8 billion). However, the lender's impairment charges rose to £37.6 million from £30.3 million, with most of the rise coming in its credit card business.
As it stated in Chief executive Jayne-Anne Gadhia said: "I am delighted to report another very successful year for Virgin Money in 2016. Net new mortgage lending rose 20 per cent to £4.3 billion, giving Virgin Money an 11 per cent market share. Virgin Money said it delivered "market-beating growth" in the core mortgage, saving and credit card businesses. "Retail spend increased by just under 40 per cent during the year, supported by a fourfold increase in contactless usage," Virgin Money said. Virgin Money said it remains "well placed" to reach a target of £3 billion in prime credit card balances by the end of 2017.
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collected by :Jack Luxor
As it stated in Chief executive Jayne-Anne Gadhia said: "I am delighted to report another very successful year for Virgin Money in 2016. Net new mortgage lending rose 20 per cent to £4.3 billion, giving Virgin Money an 11 per cent market share. Virgin Money said it delivered "market-beating growth" in the core mortgage, saving and credit card businesses. "Retail spend increased by just under 40 per cent during the year, supported by a fourfold increase in contactless usage," Virgin Money said. Virgin Money said it remains "well placed" to reach a target of £3 billion in prime credit card balances by the end of 2017.
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Virgin Money profit jumps 41% in 2016
Virgin Money has declared a final dividend of 3.5 pence per share, giving a total payout for the year of 5.1 pence. The financial services company said pretax profit for year ended Dec. 31, 2016, grew 41% to 194.4 million pounds ($241.63 million), from GBP138.0 million in the year ago period, on a total income of GBP586.9 million and GBP523.5 million, respectively. Profit, before tax and exceptional items, rose 33% to GBP213.3 million. LONDON--Virgin Money Holdings (UK) PLC (VM.LN) on Tuesday said market-beating growth in core mortgages, savings and credit card businesses has led to a sharp jump in 2016 earnings and the company remains on track to sustain a double-digit return on equity in 2017. Shares at 0802 GMT trading 1.4% higher at 340 pence.read more visit us profit
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