Proactive Investors - Virgin Money UK PLC (LON:VMUK) reported little change in its underlying first-quarter performance, with a drop in mortgage lending but a pick up in its Business division.
The lender said total lending totalled £72.83 billion in the financial first quarter, down 0.3% from £73.07 billion a year ago.
Mortgage lending dropped 2.2% to £57.11 billion while lending to business rose 6.7% to £9.02 billion.
Customer deposits rose 1.7% to £67.31 billion from £66.15 billion last year on a net interest margin unchanged at 1.89%.
Virgin Money said overall arrears trends remain broadly consistent with 2023, with credit card arrears continuing to gradually increase in line with expectations.
The firm booked a £64 million impairment charge in the first quarter, with provisions rising to £639 million.
Chief executive David Duffy said: “We have made a positive start to the year, with strong Q1 results in line with our guidance. We've delivered growth in new accounts, deposits and target lending segments, at stable margins and with ongoing cost efficiencies.”
The firm said its Tier 1 ratio declined to 14.0% from 15.0% the year before.