Virgin Money has said that it is expecting pre-tax profits to jump 546% to £801m.
Pre-tax profits at the group is expected to be £417m for the year, which is a jump of 10.2% compared to the same period last year.
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New customer sales rose 95% while personal lending increased 4%. The group has said in a trading update that “Strong financial momentum” means that it is on track for impressive full-year results.
Chief executive officer David Duffy commented: “As a result of Covid, the pace of digital change has accelerated with multi-year developments now achieved in just one year. Competition is increasing and customer expectations are rising rapidly.”
Virgin Money is expected to declare a final dividend of 1p.