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BRIEF-Virgin Money Q1 gross mortgage lending 2 bln stg
April 25, 2017 / 6:31 AM / 8 months ago

BRIEF-Virgin Money Q1 gross mortgage lending 2 bln stg

April 25 (Reuters) - Virgin Money Holdings (UK) Plc:

* Q1 gross mortgage lending 2 billion stg versus 2.1 billion stg year ago

* UK economy has remained stronger than expected following referendum result.

* Q1 net mortgage lending 0.9 billion stg versus 1.1 billion stg year ago

* Continue to lend to our prime books of mortgage and credit card customers who are showing no signs of strain in current environment

* Mortgage competition remains strong in certain segments

* Cards competition has increased and have not followed competitors into top of table pricing

* As at 31 March 2017, credit cards balances of 2.7 billion stg with stable customer behaviour and arrears levels

* Prioritise asset quality over balance growth, remain confident of achieving £3 billion of prime credit card balances by end of 2017

* Remains well placed and confident of delivering against guidance for full year 2017 which is reaffirmed today Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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