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Virgin Money’s pre-tax profit up 53%

Money
 

Virgin Money’s pre-tax profit rose 53 per cent to £101.8m in the first half from £66.4m in H1 2015.

The firm’s net lending was £2.2bn, up 29 per cent.

Virgin Money says it now controls 3.6 per cent of the gross mortgage lending market.

The lender is planning to pay an interim dividend of 1.6p.

Virgin’s mortgage book is now 82 per cent residential mortgages and 18 per cent buy-to-let.

However, Virgin Money says there is a risk the UK mortgage market could slow down.

Other risks include interest rates staying low for longer and rising unemployment.

the bank also noted that the mortgage market could slow, unemployment could rise and interest rates “could be reduced and stay low for a long period of time”.

Virgin Money chief executive Jayne-Anne Gadhia says: “We will continue to put customers at the heart of everything we do and look to the future with confidence.”

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