- Virgin Money UK said its mortgage book shrunk in the first quarter, though interest margins stabilised and deposit and business lending volumes grew.

The company's mortgage book in the three months through December reduced 0.8% compared to the previous quarter to £59.6bn.

Virgin Monday pinned the fall on remaining 'disciplined in a competitive market'.

Deposits rose 1.6% to £64.8bn, while business lending grew 2.5% to £8.1bn and personal lending climbed 3.7% to £5.2bn.

Virgin Money said its net interest margin stabilised at 160 basis points, which was flat compared to the final quarter of 2019.

'The group continues to perform well,' chief executive David Duffy said.

'In a difficult market, our own performance has remained on track and we continue to make strong progress on our ambition to disrupt the status quo.'

Virgin Money said its performance in the first quarter was in line with its expectations.

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