Virgin Money is on track to deliver £500m of new SME deposits by the end of the year through its SME savings franchise, according to its H1 2018 results.
The challenger bank has announced that its underlying pre-tax profit increased by 10% to £141.6m in the first half of 2018 (H1 2017: £128.6m).
Underlying total income for the bank grew by 5% to £343m, up from £327.2m in H1 2017.
Jayne-Anne Gadhia, CEO at Virgin Money, said: “I am delighted to report that our customer-focused strategy of growth, quality and returns continued to drive strong financial and operational performance during the first half of the year.
“We continue to maintain a strong balance sheet, as shown in our common equity tier 1 ratio of 16.3%.
“This benefited from recent changes to our capital models to ensure they fully reflected the excellent credit quality of our lending portfolios.
“Our partnership with Virgin Atlantic has got off to a flying start and the development of our digital banking platform is progressing well.”
The news follows the announcement in June that CYBG and Virgin Money have agreed the terms of a recommended takeover offer worth around £1.7bn.
The recommended all-share offer by CYBG will bring together the strengths of both challenger banks.
“The recommended offer made by CYBG for Virgin Money in June reflects confidence in our strategy, our track record of delivery and the complementary models of the two businesses and will accelerate the delivery of our strategic objectives,” added Jayne-Anne.
Virgin Money is a signatory of the Women in Finance Charter, and Jayne-Anne believed it was making strides to meet the charter’s requirements.
“I am delighted that we have continued to improve our gender pay gap, which reduced by a further 9% over the last year,” said Jayne-Anne.
“We remain committed to achieving 50:50 gender balance throughout the company by the end of 2020.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Monese introduces student account
Monese has launched a student account for international and domestic students...
Tide secures £8m of funding
Tide has received £8m of new funding as it plans to move into its next stage of growth...
Starling Bank introduces personal loan products
Starling Bank has launched its first personal loan products offering up to £5,000...
Industry reacts to bank service league tables
Earlier this week, the Competition and Markets Authority (CMA) released the survey results ranking banks on their quality of service...
So you've signed up to the Women in Finance Charter – what now?
In July, it was revealed that 272 companies had signed up to HM Treasury’s Women in Finance Charter, covering over 760,000 financial services employees in the UK...
OakNorth completes its largest deal to date
OakNorth has completed its largest deal to date with a £40.2m property investment loan to Select Property Group...
Industry predicts the future of banking
Banking is forever evolving, with new entrants to the market and modern technology being introduced on a regular basis...
Triodos Bank provides £7m facility to First Choice Housing Association
Triodos Bank has provided £7m of funding to First Choice Housing Association (FCHA), which provides accommodation for vulnerable people across Wales and Shropshire...
The role of banks in the smart city
Smart city is a great buzzword. The term envisages a city where information and communication technologies like ‘the internet of things’ are connected to enhance the quality and performance of urban cities and thus urban living itself...
Tesco Bank offers cashback remortgage products
Tesco Bank has started offering customers cashback on a new range of remortgage products...
Handelsbanken ranks top for business current account service
Handelsbanken has topped the rankings of Great British SME current account providers, according to a survey ordered by the Competition and Markets Authority (CMA)...