Virgin Money bolstered by personal account performance in ‘difficult market’

Virgin Money has confirmed that its trading in the three months up to December 31 have been ‘in line with expectations’.

In a pre-close trading update this morning, the bank has experienced a 0.8 per cent drop in its mortgage business.

In contrast deposits have grown 1.6 per cent during the quarter, with both personal and business overall increasing by 3.7 per cent and 2.5 per cent respectively.

The growth follows the bank’s unveiling of new ‘concept stores’ as well as its first digital personal current account.

David Duffy, Virgin Money chief executive officer, commented: “The group continues to perform well. In a difficult market, our own performance has remained on track and we continue to make strong progress on our ambition to disrupt the status quo.

“We are attracting relationship deposits and delivering growth in customer balances across business and personal, while maintaining our discipline in a competitive mortgage market.

“We’ve launched the first Virgin Money digital personal current account and unveiled three new Virgin Money concept stores as planned in December. We are also progressing at pace with our plans to launch new and exciting Virgin Money products for personal and business customers throughout 2020.”

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