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Virgin Money UK Provides Third Quarter 2021 Trading Update

27 Jul 2021  |  16:12:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Third Quarter 2021 Trading Update

Virgin Money UK provided an trading update for third quarter of FY21. The Group continued to manage down the cost of deposits in a supportive environment with an improvement in mix, as relationship deposits grew 3.7% during the quarter. Overall deposits reduced (0.8)% with more expensive term deposit balances declining in line with expectations as the company continued to reprice the portfolio lower. Mortgage balances increased in Q3 by 0.7% reflecting higher volumes of new lending and buoyant market conditions ahead of the SDLT changes. The company stated that Business lending declined (2.4)% in Q3 with a reduction in BAU and Government-scheme volumes. The company also reported that Personal lending balances also increased 2.5% in Q3.

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