Virgin Money reveal profits boost following focus on customer service

2nd Aug 2017

Virgin Money has announced a 26% rise in profits, following a “continued focus” on “excellent customer service”.

And customers will now be rewarded further, following a new partnership with Virgin Atlantic.

It is intended that the first of the new products will be launched in early 2018 and will offer customers a range of Virgin Atlantic benefits, as well as access to Virgin Money Lounges and a range of Virgin Group company discounts.

Jayne-Anne Gadhia, Virgin Money’s chief executive said: “The momentum of the business demonstrates the strength of our strategy and the focus we have on serving our customers. Our drive to maintain excellent asset quality, deliver customer satisfaction and retention, combined with continuing operational leverage, helped deliver a 26% increase in underlying profit before tax to £128.6 million.

“In line with our ambition to make ‘everyone better off’, our continued focus on delivering excellent customer service led to new highs in customer satisfaction with our overall Net Promoter Score improving to +39, making us one of the best-rated retail banks in the UK.”

Discussing the new new partnership with Virgin Atlantic, Richard Branson, Founder of the Virgin Group said: “All Virgin companies have the shared ambition to make things better for customers, by delivering exciting products supported by red hot service. I am delighted that two of our best known and most loved brands are coming together to combine their strengths and deliver exactly that for customers.”

Gadhi continued: “We are delighted to announce our new partnership with Virgin Atlantic which will offer an exceptional experience for Flying Club members. With our shared brand and closely aligned values, we expect this to create a valuable strategic partnership for the business.

“We will continue to drive growth, quality and returns, put customers at the heart of everything we do, and we remain on track to sustain a solid double-digit return on tangible equity in 2017.”

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