Virgin Money reports strong H1 performance with stable customer loans at £72.7bn, despite a 2% decline in mortgage balances and anticipates downward pressure on net interest margins.
Virgin Money reports strong H1 performance with stable customer loans at £72.7bn, despite a 2% decline in mortgage balances at £56.6bn. Business lending increased 7% to £9.3bn and unsecured lending rose 3% to £6.7bn. The group anticipates downward pressure on net interest margins in the second half due to lower expected contributions from effective interest rate adjustments and ongoing competition. Virgin Money is preparing for its Nationwide Building Society takeover.
May 14, 2024
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