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Nationwide said it recorded its highest ever year for mortgage lending and retail customer balances

Nationwide's profit up 30% as it integrates Virgin Money

Britain's Nationwide Building Society has today reported a 30% rise in annual profit as it incorporated the takeover of rival Virgin Money, which made it the country's second biggest mortgage lender.

Business • 29 May

Nationwide said its statutory profit before tax fell 43% to £568m in the six months to September 30, down from £989m the same time the year before

Nationwide reports £2.3 billion gain on Virgin Money deal

The UK's Nationwide Building Society said it would realise a bigger-than-forecast gain of £2.3 billion from its acquisition of rival Virgin Money, as it also reported a sharp drop in profits for the first half of the year.

Business • 27 Nov 24

A Nationwide Building Society branch (right) and a Virgin Money UK bank branch (left) in Middlesbrough

UK regulator clears Nationwide-Virgin Money deal

UK building society Nationwide's £2.9 billion takeover of banking firm Virgin Money has been cleared by the UK's competition regulator.

Business • 19 Jul 24

Nationwide has extended its promise not to close more of its 605 branches until 2028

Nationwide profit slips amid mortgage market competition

Nationwide Building Society said it could realise as much as a £1.5 billion gain on its acquisition of rival Virgin Money, announced earlier this year and expected to close in the fourth quarter.

Business • 23 May 24

David Duffy, CEO of Virgin Money is due to retire soon

Nationwide, Virgin Money directors back £2.9 billion deal

Directors at Nationwide Building Society and takeover target Virgin Money said today they would "unanimously" recommend the proposed £2.9 billion deal to independent Virgin Money shareholders.

Business • 21 Mar 24

British challenger bank Virgin Money said it was seeing an improvement in the mortgage market activity

Virgin Money sees improvement in mortgages

British challenger bank Virgin Money has retained its annual profit margin forecast and said it had seen improvement in the mortgage market activity, with application volumes closer to pre-pandemic levels last month.

Business • 06 Feb 24

The Bank of England said that none of the eight UK banks would need to submit a revised capital plan

Eight UK banks have enough capital - Bank of England

The Bank of England said today its annual stress test of eight major lenders showed that each could cope with rising interest rates in a stressed environment, and none would need to submit a revised capital plan.

Business • 12 Jul 23

Virgin Money reported pre-tax profits of £595m for the year to September, up from £417m the previous year

Virgin Money reports jump in annual profit

British lender Virgin Money has today reported a 43% increase in full-year profit, as Bank of England rate rises lifted its finances ahead of a likely prolonged economic downturn.

Business • 21 Nov 22

Halifax is withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate

UK lenders forced to pull mortgage products

Turmoil in British financial markets have forced mortgage lenders to temporarily withdraw and reprice products for new customers, a real-world consequence of the market volatility thrown up by finance minister Kwasi Kwarteng's mini-budget last week.

Business • 27 Sep 22

Bank of Ireland was named among four banks which were warned about rules breaches in the UK

Four banks warned over competition rule breaches in UK

The UK competition watchdog has warned banks Monzo, NatWest, Virgin Money and Bank of Ireland over breaching rules requiring them to send banking transaction histories to former account holders.

Business • 22 Jun 21

Virgin Money was set up to challenge the dominance of more conventional and bigger banks in the UK

Virgin Money makes £726m new provisions for bad loans

UK lender Virgin Money has set aside £726m to protect its balance sheet from potential loan losses, after a "modest" increase in customers needing additional support after exiting pandemic payment holidays.

Business • 02 Feb 21

Virgin Money UK has reported a 77% drop in annual underlying pre-tax profit due to Covid-19

Virgin Money profit slumps on £500m bad loan charge

Virgin Money UK has today reported a 77% drop in annual underlying pre-tax profit, as it took a £501m impairment charge against an expected surge in bad loans in Britain's coronavirus-driven economic downturn.

Business • 25 Nov 20

Virgin Money said it was yet to see any spike in credit losses linked to the Covid-19 pandemic

Virgin Money reports dip in quarterly lending

Britain's Virgin Money has today reported a dip in customer lending in the quarter to the end of June as demand for mortgages and personal loans fell.

Business • 28 Jul 20

Virgin Money today reported a pre-tax loss of £4m for the six months to March 31, compared to a £50m profit a year earlier

Virgin Money H1 profits erased by coronavirus provision

Virgin Money swung to a first-half loss after setting aside £232m to handle loans likely to turn sour as a result of the coronavirus crisis.

Business • 06 May 20

Virgin Money said the banking industry still faced uncertainty over how the UK will set terms to trade with the European Union after Brexit

Virgin Money loan book grows despite Brexit uncertainty

Virgin Money has today reported higher loan book growth in the first quarter, bolstered by strong business lending.

Business • 28 Jan 20

Virgin Money UK said its underlying pretax profit dropped to £539m for the 12 months to September 30 from £581m a year ago

Virgin Money UK posts lower annual profit

Virgin Money UK today reported a 7% fall in full-year underlying profit and suspended its dividend for the year, as the lender set aside more money to settle the PPI mis-selling scandal in Britain.

Business • 28 Nov 19

David Duffy is the chief executive of CYBG

Virgin Money rebrand to start across banking group

Virgin Money is kick-starting a rebranding process which will allow all customers in its group to be offered its full range of services.

Business • 21 Oct 19

Clydesdale targets extra cost savings from Virgin deal

Clydesdale and Yorkshire Bank owner CYBG has said it will fire the starting gun on its rebrand to Virgin Money this year as it increased cost-savings targets from the £1.7 billion takeover.

Business • 19 Jun 19

CYBG's chief executive David Duffy said that Brexit is leading to a lower economic growth environment

Brexit chill and insurance scandal hit UK bank CYBG

UK bank CYBG said it would take another £150m charge related to an industry-wide scandal over mis-sold insurance policies, sendings its shares down as much as 10% today.

Business • 20 Nov 18

CYGB in deal to buy Virgin Money for £1.7 billion

Mid-sized British bank CYBG has agreed a £1.7 billion all-share deal to acquire Virgin Money after over a month of talks.

Business • 18 Jun 18

Virgin Money's CEO Jayne-Anne Gadhia says the bank's deposit growth was better than had been expected

Virgin Money reaffirms its full-year forecast

Business • 01 May 18

The UK Prudential Regulation Authority warns if banks are wrong about how credit card customers will behave it could hit their capital

Growing credit card conundrum fuels UK bank concerns

Britain's banks are booking future credit card income long before it materialises, prompting concerns about the accounting practice among regulators, investors and analysts.

Business • 29 Jan 18

The UK challenger bank is seeing robust customer demand due to low unemployment and a resilient housing market

Virgin Money reports steady mortgage lending

Virgin Money has today reported gross mortgage lending of £6.5 billion to the end of the third quarter, in line with a year earlier.

Business • 17 Oct 17

Virgin Money's chief executive Jayne-Anne Gadhia says it would look at Co-Op's assets

Virgin Money reports 33% jump in pre-tax profits

UK bank Virgin Money would look at buying assets from up-for-sale Co-operative Bank, its head said today, after the group reported operating profit rose by a third last year.

Business • 28 Feb 17

Virgin Money listed on the London stock exchange in 2014

Virgin Money's full-year pretax profit jumps 53%

Virgin Money Holdings said its full-year underlying pretax profit rose 53%, helped by growth in the bank's core mortgages, savings and credit card businesses which outpaced the market.

Business • 02 Mar 16