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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Virgin Money UK
Virgin Money UK (VMUK) investor relations material
Virgin Money UK has been acquired
Virgin Money UK H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary27 Nov, 2024
Executive summary
Virgin Money UK became a wholly owned subsidiary of Nationwide Building Society in October 2024, continuing as a separate legal entity with its own board and banking licence.
Statutory profit before tax rose 62% year-over-year to £558m, with RoTE improving to 6.7% from 3.9%.
Customer lending fell 2% as growth in Unsecured and Business lending was offset by a 4% decline in Mortgages; deposits increased 4%.
PRA and BoE confirmed Virgin Money's externally held capital instruments remain eligible for group capital requirements until end-2028.
Board and executive changes followed the acquisition, with Chris Rhodes appointed CEO and further leadership transitions underway.
Financial highlights
Net interest income (excluding notable items) rose 4% year-over-year to £1,778m; total operating income up 3% to £1,924m.
Statutory total operating income up 5% to £1,921m; non-interest income (excluding notable items) down 7% to £146m.
Net interest margin improved to 1.98% (from 1.91%), supported by credit card EIR adjustments.
Cost of risk fell to 24bps (from 42bps), below previous guidance; impairment losses on credit exposures fell 43% to £177m.
Operating expenses (excluding notable items) rose 6% to £1,028m, driven by inflation and the new BoE Levy.
Outlook and guidance
The Group will continue to operate as a separate legal entity within Nationwide, with gradual integration and ongoing capital support.
Focus remains on supporting customers, maintaining operational stability, and delivering on digital and efficiency strategies.
Nationwide will review Virgin Money’s strategy and objectives over the next 18 months.
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Frequently asked questions
Virgin Money UK PLC is a financial services company that offers a broad range of banking and financial products to personal and business customers. Its services include retail banking, mortgages, savings accounts, credit cards, and personal loans. The company also provides services for small to medium-sized enterprises (SMEs), including business lending and current accounts. Virgin Money UK focuses on delivering digital banking solutions alongside traditional banking services, aiming to meet the needs of a diverse customer base through online and mobile platforms. The company is headquartered in Glasgow, Scotland, and its shares are listed on the London Stock Exchange.