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Virgin Money UK Provides First Quarter 2022 Trading Update

01 Feb 2022  |  18:09:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: First Quarter 2022 Trading Update

Virgin Money UK advised that trading in the three months to 31 December 2021 was in line with the Board's expectations. The Group continued to improve its deposit mix and funding costs as relationship deposits grew 1.2% to GBP31.0bn, whilst overall deposits reduced (2.0)% to GBP65.5bn. Unsecured lending grew 3.0% to GBP5.6bn driven by growth in credit cards from increased activity and new digital propositions. Mortgages decreased (0.5)% to GBP57.8bn as the Group maintained market share while continuing to concentrate on margin in a competitive environment. Flexible, instalment lending launched in app, and will be available to all credit card customers and the new fee-based propositions will start later in 2022.

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