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Virgin Money UK Provides First Quarter 2021 Trading Update

02 Feb 2021  |  18:15:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: First Quarter 2021 Trading Update

Virgin Money UK provided first quarter 2021 trading update stating that customer deposit inflows continued in Q1 with growth of 0.9% in the period. This reflected lower consumer spending given tighter COVID-related restrictions, and increased levels of business liquidity driving growth in relationship deposits of 5.0%, across Personal and Business customers. There were early signs of some recovery in customer spending before tighter COVID-restrictions were imposed, however the combination of the recent restrictions and customers' caution in the context of the economic outlook resulted in continued inflows. The total loan book declined by (0.3)% to GBP72.2bn as the group continued to focus on margin management and more.

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