Virgin Money’s CEO Jayne-Anne Gadhia has announced “an excellent” third quarter trading update.

Mortgage, credit card balances and deposits are all ahead year-on-year while the UK challenger’s net promoter score rose markedly to +40 from +29 a year ago.

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Highlights included:

  • gross mortgage lending of £6.5bn to the end of Q3, a market share of 3.5%;
  • net mortgage lending of £3.2bn, a market share of 10.0%;
  • mortgage balances rose by 10.7% to £32.9bn;
  • Deposits rose by 6.7% year-on-year to £30bn;
  • Credit card balances of £2.9bn  with stable customer behaviour, and
  • FY 2017 CET1 ratio expected to be around 13.5%.

Gadhia said:

“Our low risk business model and customer-focused strategy continues to deliver excellent results and I am delighted with the ongoing momentum of the business.”

“Our prime credit card business is developing as planned and, as a responsible lender, the strict and consistent application of underwriting standards supports a low and stable cost of risk as well as resilience in the future.”

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“Ensuring that our customers are always at the heart of our strategy has seen our overall Net Promoter Score improve to +40 in 2017, making Virgin Money one of the best-rated retail banks in the UK for customer satisfaction. I am delighted that more customers than ever before would recommend us to their friends and family.”