“Vida Bank Unveils 2024 Financial Performance and Strategic Advancements”
Vida Bank Limited, a subsidiary of Vida Group Holdings Limited, has released its financial results for the year ended 31 December 2024 and provided an update on its strategic progress during the year. The company has reported a fourth consecutive year of profitability, demonstrating consistent performance and effective management.
The bank has shown strong lending performance with £369 million in new originations, contributing to a 9% net growth in the mortgage book. The mortgage book has grown to £1.9 billion, and the company has successfully raised £850 million through three securitisations. In addition, £173 million in retail deposits were raised within the first month as a bank, showcasing the potential for growth at Vida Bank.
Financial highlights for the year include solid net interest income of £32.5 million and a continued track record of profitability with £3.7 million in operating profit. These results underscore the strength and stability of Vida Bank’s financial performance.
In terms of strategic developments, Vida Bank has achieved a major milestone by securing Prudential Regulation Authority (PRA) authorisation as a bank. This has allowed the company to launch a range of competitive savings accounts, providing a diversified funding base to support the sustainable growth of its mortgage business.
The bank has also seen significant growth in its origination capability, with application volumes increasing by 67%, totaling £1.2 billion. This growth is attributed to the bank’s enhanced mortgage product range and lending criteria, which have supported strong gross lending and customer retention.
Vida Bank has also continued to invest in its intermediary-focused ‘V-Hub’, which has improved service speed and consistency. The bank’s commitment to providing excellent service is reflected in its “Excellent” Trustpilot rating, highlighting its dedication to its broker partners.
Anth Mooney, CEO of Vida Bank, commented on the company’s performance and progress, saying, “2024 was a milestone year for Vida, marking our transition from a wholesale funded mortgage lender to a fully authorised specialist mortgage bank. Receiving our banking licence represents the culmination of many months of preparation, and it has opened the door to a more diversified funding model with the launch of our retail deposit business. This strategic transformation provides a stable platform for sustainable growth in the coming years, strengthening our competitive position and delivering enhanced value to our shareholders, customers, and intermediary partners.”
Distributed by https://pressat.co.uk/, Vida Bank’s financial results and strategic progress demonstrate the company’s continued success and potential for growth in the future.