Virgin Money 2017 final results
Underlying profit before tax increased by 28 per cent to £273.3 million
Return on tangible equity strengthened to 14.0 per cent
Common Equity Tier 1 ratio of 13.8 per cent with potential for risk-weighted asset model improvement
Strategic initiatives on track - SME deposit gathering commenced in January; digital bank beta-testing expected in H2 2018
Disciplined approach to lending growth and consistently high underwriting standards delivered a 14 per cent increase in total customer loan balances and a low and stable cost of risk at 13 basis points
Total income increased by 13.5 per cent to £666.0 million, from £586.9 million in 2016
Cost:income ratio improved to 52.3 per cent, from 57.2 per cent in 2016. Exited 2017 with a ratio of 49.4 per cent in the fourth quarter
Statutory profit after tax increased by 37 per cent to £192.1 million, compared to £140.0 million in 2016
Profit attributable to equity shareholders increased to £167.3 million, from £130.0 million in 2016
Statutory basic earnings per share increased to 37.8 pence, compared to 29.4 pence in 2016
Recommended final dividend of 4.1 pence per ordinary share, resulting in a total dividend for the year of 6.0 pence per ordinary share - an increase of 17.6 per cent compared to 2016
