Virgin Money UK Shares Rise As It Hails Profitable First Quarter
Tue, 2nd Feb 2021 09:24
(Alliance News) -Â Virgin Money UK PLC on Tuesday said it had a "profitable and positive" first quarter, with trading in line with board expectations.
Shares in Virgin Money were up 5.9% at 139.67 pence in London on Tuesday, making the stock the top performer in the FTSE 250.
Customer deposits in the three months to December 31 rose 0.9% to GBP68.1 billion from GBP67.5 in the quarter to September 30 as further virus restrictions drove lower personal customer spending, and businesses continued to maintain high levels of liquidity.
"There were early signs of some recovery in customer spending before tighter Covid-restrictions were imposed, however the combination of the most recent restrictions and customers' caution in the context of the economic outlook resulted in continued inflows. The increase in deposits saw the loan-to-deposit ratio fall to 106. The group continues to expect some reduction in deposit balances as we continue our strategy of optimising our deposit mix," Virgin Money said.