Virgin Money has predicted a strong year ahead as the UK economy recovers, despite the end of the stamp duty holiday and competition causing the bank’s mortgage book to shrink in the final quarter of 2021.
Virgin Money forecast that its net interest margin – the difference between the interest a bank receives on loans and securities investments and the rate it pays for deposits – would increase from 1.7 per cent to 1.75 per cent in 2022. Benjamin Toms, director at RBC Capital Markets, said that the fall in mortgage balance reflected a deliberate strategy.
The bank said that it had been boosted by new digital offerings via its credit card app, including an instalment lending service that would compete with “buy now, pay later” providers.
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