(MENAFN- ProactiveInvestors) Recently listed challenger bank () more than doubled underlying profits last year as it gained ground on the high street giants.
The UK bank part owned by billionaire businessman Sir Richard Branson reported a 127% jump in underlying profit before tax to £121.2mln.
Mortgage balances increased to £21.9bn in the year for the firm which is aiming to take on the 'Big Four' - () () Lloyds () and RBS ().
Overall mortgage growth was 11.8% against the market’s 1.4%.
The Newcastle-based lender which in 2011 bought failed bank Northern Rock after it was nationalised at the onset of the global credit crisis said net lending totalled £2.3bn which it said equated to a 10% market share.
Statutory profit before tax was £34mln down from £185mln in 2013 largely as a result the one-off gain of £203.4mln when it sold Cards Limited. Last year it also made a further £36mln payment for Northern Rock to HM Treasury.
’s stock market debut in November signalled the continued rise of the challenger banks which have been stirring up competition in the banking market.
“We set out to be a credible and effective challenger to the large incumbent banks and I believe we have laid an excellent foundation on which to realise our ambition” said chief executive Jayne-Anne Gadhai adding that the bank will join the FTSE 250 index on 20 March.
The bank’s employees have been rewarded with a share in success bonus on top of their normal bonus awards to add to the £1000 of shares that all employees received on listing.
Shares have risen 33% to 319p since November.
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