Virgin Money boost

VIrGIn Money’s profits have been boosted by credit card sign-ups.

Households are turning to credit cards in increasing numbers, according to the High Street bank.

As a result, bosses said pre-tax profits soared to £315m in the six months to the end of March compared with just £72m in the same period a year ago. However, this was down on the profits for the previous six months to the end of September, which sat at £345m as the bank put more money aside for potential provisions in the latest period.

unsecured lending grew 7pc during the period to £5.8bn, while, by comparison, business lending fell 2.5pc to £8.3bn, Virgin Money revealed.