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Virgin Money UK PLC: Third Quarter 2024 Trading Update

ended 02. August 2024

Virgin Money has just published its Third Quarter 2024 Trading Update. Some key findings below. Any thoughts, send them across. 

  • Customer loans 0.9% lower in Q3 at £72.0bn reflecting lower mortgage balances and broadly stable lending balances across target segments of business and unsecured lending combined
  • Mortgages 1.1% lower in Q3 at £56.0bn, reflecting disciplined approach to trading to protect overall spreads, as well as the impact of higher redemptions given the rate environment
  • Business lending 1.1% lower in Q3 at £9.2bn; delivered 5.5% growth YTD and pipeline remains strong; muted Q3 reflects seasonal effects of lower drawdowns and higher repayments versus Q2
  • Unsecured lending 1.3% higher in Q3 at £6.8bn, driven by ongoing growth in credit card lending; delivered year-to-date unsecured growth of 4.6%

1 responses from the Newspage community

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Editor
Ken James
Director at Contractor Mortgage Services
Virgin are still making money and the markets have been trundling along at a steady pace despite the higher rate environment. They as a lender have tried to innovate with switch and fix options to allow some degree of flexibility for clients, and this may have won them more business as borrowers look to what they hope will be an improved market. There was never going to be exponential growth in these harder times but they will no doubt be happy that their numbers are on the up and the last quarter of this year will probably see a rise in those figures.