February 27, 2018 / 7:33 AM / 8 months ago

UK's Virgin Money Holdings full-year profit rises

Feb 27 (Reuters) - Virgin Money Holdings reported a 28 percent rise in full-year pretax profit on the back of “market-beating” growth across its core products and said it had captured better quality market share in mortgages as well as credit cards.

The British challenger bank said on Tuesday that underlying pretax profit rose to 273.3 million pounds ($381.8 million) for the year ended Dec. 31, from 213.3 million pounds in the previous year.

Gross mortgage lending rose to 8.4 billion pounds in the year, giving Virgin Money a 3.3 per cent share of the UK mortgage market, in the upper half of its guided range. ($1 = 0.7159 pounds)

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier

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