According to the company, the new digital bank will offer customers a Universal Account that can be personalized to create a unique proposition tailored to individual needs.
This news comes while Virgin Money was releasing its 2017 financial results, which showed that the financial services firm’s total income increased by 13.5% to GBP 666.0 million, from GBP 586.9 million in 2016; income ratio improved to 52.3%, from 57.2% in 2016; exited 2017 with a ratio of 49.4 % in the fourth quarter; statutory profit after tax increased by 37% to GBP 192.1 million, compared to £140.1 million in 2016; and profit attributable to equity shareholders increased to GBP 167.3 million, from GBP 130.0 million in 2016.
Virgin Money added that it will continue to make progress with its SME banking roll-out and the development of our digital bank. Over time, the initiatives will significantly increase the size of the company’s proposition, drive enhanced returns and support sustainable value creation for shareholders over the longer term.
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