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| Virgin Money's profits up by 53% in first listed year | Virgin Money's profits up by 53% in first listed year |
| (35 minutes later) | |
| Virgin Money has reported a strong performance for its first full financial year since it listed on the stock exchange. | Virgin Money has reported a strong performance for its first full financial year since it listed on the stock exchange. |
| It saw underlying profits for 2015 rise by 53% to £160.3m. | It saw underlying profits for 2015 rise by 53% to £160.3m. |
| The Edinburgh-based bank said its gross mortgage lending was £7.5bn, a rise of 29% on the previous year, giving it a market share of 3.4%. | The Edinburgh-based bank said its gross mortgage lending was £7.5bn, a rise of 29% on the previous year, giving it a market share of 3.4%. |
| Virgin said its funding position was strong with deposit balances higher than at any time in its history. | Virgin said its funding position was strong with deposit balances higher than at any time in its history. |
| Balances grew by 12% to £25.1bn, meaning Virgin Money's market share now stands at 1.5%. | |
| 'Improved confidence' | |
| The bank said the UK savings market had continued to grow strongly, helped by a positive economic backdrop and "supportive" government policy's on Isas. | |
| It also highlighted "improving consumer confidence in the UK," which is said was responsible for the rise in demand for unsecured borrowing. | |
| It said credit card balances were 44% higher at £1.6bn. Virgin now has a 2.5% share of the market. | |
| In its statement it forecast that it would reach its aim of increasing credit card balances to at least £3bn a year early, by the end of 2017. | |
| EU referendum | |
| In the case of mortgage lending, deposit balances and credit card balances Virgin's growth outstripped the market. | |
| Statutory profit before tax leapt from £34m in 2014 to £138m last year. | |
| Looking to 2016 the bank said it was "very aware of the downside risks related to the impending UK referendum on EU membership, the uncertain outlook for interest rates, and the recent market turbulence caused by the slowdown in emerging markets and falling commodity prices. | |
| "All of these have the potential to adversely impact the UK economy. A lower for longer forecast interest rate puts pressure on net interest margins and therefore business and financial performance." |