Virgin Money delivers 'positive' Q1 performance
By Iain Gilbert
Date: Wednesday 01 Feb 2023
(Sharecast News) - Lender Virgin Money said on Wednesday that it had delivered a "positive first quarter", with continued good progress on digitisation and growth in lending.
Virgin Money stated mortgages grew 0.4% in the quarter to £58.4bn, while business lending was 2.4% higher at £8.4bn, and unsecured lending increased 0.9% to £6.2bn. Overall deposits rose 1.2% to £66.2bn.
As far as Virgin's digitally-led strategy was concerned, the group added 34,000 total active relationship customer accounts in Q1, while digital self-service customers in cards and PCAs increased from 56% in the fourth quarter of the prior year to 58% in Q1.
Overall arrears were said to have remained "broadly stable" across its key lending segments and provisions increased from £457.0m to £485.0m.
Chief executive David Duffy said: "We've had a positive first quarter with continued good progress on digitisation and growth in lending across the business as more customers choose Virgin Money. Arrears remain broadly stable but we've increased the support available to those who need it and remain prudently provisioned for an uncertain economic outlook.
"Looking ahead, we have good financial momentum and a number of exciting digital product launches to come which will support our continued growth."
As of 0850 GMT, Virgin shares were up 0.41% at 193.75p.
Reporting by Iain Gilbert at Sharecast.com
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