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Virgin Money upbeat
Virgin Money (VMUK.L) has struck an upbeat tone on third quarter trading.
The challenger bank said customer deposits rose by 4.8% in the third quarter to £67.7bn ($87bn), as Brits stuck as home during lockdown spent less. The rise equates to around £600 extra in every Virgin Money customer’s current account or savings account.
Mortgage lending fell by 1% as the housing market paused by business lending surged by 5.7% to £8.8bn in the three months to 30 June.
“Our Q3 financial results reflect lower demand from consumers due to the pandemic, but strong demand from businesses for government-supported schemes, with the Group further increasing its provisions to reflect the uncertain economic outlook while maintaining a focus on margin, cost and capital management,” said chief executive David