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Virgin Money Group Annual Report and Accounts 2012 I I Virgin Money Group Annual Report 2012

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Virgin Money Group Annual Report and Accounts 2012 I I Virgin Money Group Annual Report 2012 Virgin Money Group Annual Report and Accounts 2012 i I Virgin Money Group Annual Report 2012 At Virgin Money we have a very simple ambition: to make everyone better off . Customers, colleagues, communities, corporate partners and our company. Highlights in 2012 include: Customers Colleagues Communities Over Over Over 1.2 million 99.7% £72 million new products were bought by of our colleagues signed up to was donated to charities in 2012 customers during the year, while new terms and conditions after through Virgin Money Giving, our our customer Lounges won the the integration of Virgin Money not-for-profi t online donation Banking category at the UK and Northern Rock. service. Customer Experience Awards. Corporate partners Company Over Our net interest margin grew by 4,000 5 4% of our intermediary partners said they from 0.35% to 0.54% as we grew both our were “very likely to recommend” us when mortgage and deposit books, and undertook considering their client’s mortgage. two successful RMBS issues. Customers Company Colleagues Everyone’s better off Corporate Communities partners Cover photo: the Virgin Money Lounge, Norwich Virgin Money Group Annual Report 2012 I 01 An introduction to Virgin Money 2 Chairman’s Statement 4 Chief Executive’s Review 6 The Virgin Money Board 8 The Virgin Money Executive Team 9 Group Performance 10 Corporate Governance Report 1 4 Directors’ Report 19 Independent Auditor’s Report 24 Consolidated Income Statement 26 Consolidated Balance Sheet 27 Consolidated Statement of Changes in Equity 28 Consolidated Cash Flow Statement 29 Company Balance Sheet 30 Company Statement of Changes in Equity 3 1 Company Cash Flow Statement 32 Notes to the Financial Statements 3 3 02 I Virgin Money Group Annual Report 2012 On 1 January 2012, Virgin Money acquired Northern Rock plc. The two businesses were complementary, and their combination has created a retail bank with a wide product range and a broad distribution capability. As a challenger bank that is aiming to do things better for customers: Your › we believe in simple, honest, transparent products that treat customers fairly Savings › we believe that customers should be able to deal with us through the channel of their choice › we believe in creating a culture where customer service is the priority Your we believe that we have a responsibility to build and support the › Mortgage communities we serve. The ambition to make everyone better off sits at the heart of our business and underpins the way we go about doing business today, as well as the approach we are taking to creating products and services for the future. Your We believe that by building a bank that aims to make everyone better off , Cards we can deliver superior returns to our shareholders. Our product range We off er a broad range of products to our customers across fi ve key categories : Your Insurance Savings Insurance › Easy access › Travel › Fixed term › Home › Cash ISAs › Motor Your Investments › Charity › Pet › Business Investments › Children’s › Stocks and shares ISAs Mortgages › Unit trusts › Residential › Personal pensions › Buy-to-let › Pension annuity service (with The Partnership Group) Cards › Financial planning service › Credit (with Legal & General) › Prepaid Virgin Money Group Annual Report 2012 I 03 Our distribution capability Our distribution mix We aim to make it easy for our customers to deal with us through the channel of their choice. Online • Our simple and straightforward internet site is • Telephone the most popular channel for customers when • Store purchasing our products. Virginmoney.com now • Corporate partner receives over 14 million visits per year, 25% of which are made using mobile devices or tablets. Based on 2012 sales All our products are also available on the telephone for customers looking for additional support when making their purchase decisions. Our call centres handle over 5 million calls per year. Our locations Many of our mortgage customers seek advice when making such a significant financial decision, and we are proud to work with over 8,000 intermediary partners nationally. For those customers that prefer to deal with us face to face, we have 75 Virgin Money Stores nationally. Our Stores are warm and welcoming places, designed to make it easy for our customers to sort out their money quickly and easily. We also have Virgin Money Lounges in Edinburgh, Manchester and Norwich. Our Lounges are designed to be places where our customers and our communities can come together. They are free to use and offer tea, coffee and snacks as well as newspapers and wi-fi. Special Our Stores • customer-only events are held in our Lounges, Our Lounges • and community groups can use them in the • Our Offices support of the work they do. Lounges are an important part of our proposition, as they serve to highlight our differentiation and create an opportunity for both customer retention and customer recommendation, reducing our new customer acquisition cost. 04 I Virgin Money Group Annual Report 2012 Sir David Clementi Chairman Results for 2012 As a result of the growth in deposits and in mortgages and the reduction in costs across the combined business, Virgin Money reduced the loss on the combined business, before tax and before exceptional items, from £ 59. 1 million in 2011 2012 was a transformational year for ‘‘ to £ 8. 4 million in 2012. We traded profi tably in each of the Virgin Money, during which we completed last four months of the year. the acquisition of Northern Rock, delivered After exceptional items, the statutory profi t before tax was £150. 6 million in 2012, compared to Virgin Money Holding’s its integration smoothly and successfully, profi t before tax of £ 23.5 million in 2011. At the end of 2012, achieved good growth in deposits and our core Tier 1 capital ratio was 1 6. 4% and our Tier 1 capital ‘‘ ratio was 19.9%. Our liquidity position remained strong, and mortgages and planned for the future of comfortably above our regulatory requirements. our credit card business. Vision and strategy Our vision for the combined business is to be an eff ective challenger bank and a credible alternative to the large incumbent banks, whilst holding true to our philosophy of making ‘everyone better off ’ under which we aim to off er fair value to all stakeholders. Our strategy is intended to deliver growth that is stable and sustainable. Our business strategy is simple: we aim to off er a broad range of retail fi nancial products, with fair and transparent pricing and with good customer service, through the channels our customers prefer to use. In doing this, we aim to build on the pro-consumer and pro-competition credentials of the Virgin brand. Our fi nancial strategy is low-risk: we give priority to responsible management of our balance sheet, with a conservative approach to capital and liquidity. There are two signifi cant strategic developments to report for the business : the acquisition of Northern Rock plc at the beginning of the year and the acquisition of a Virgin credit card portfolio from MBNA shortly after the end of the year. Both are important steps forward towards achieving our vision. Virgin Money Group Annual Report 2012 I 05 The acquisition of Northern Rock plc Further support for a more competitive environment in retail The acquisition of Northern Rock plc was completed on banking will come from the Government’s decision to give a 1 January 2012. There was an excellent fi t between the two competition objective to the Financial Conduct Authority, which businesses: Northern Rock had strong positions in retail deposits will be established in April 2013. We fully support the Parliamentary and mortgages, a national network of 75 branches and excellent Commission on Banking Standards, with its focus on improving relationships with mortgage intermediaries, while Virgin Money banking standards and trust in banking and we agree with the was strong in credit products, savings and investment products view, implicit in questions asked by the Commission, that greater and protection products, and had good capabilities in internet competition can make a contribution to improving standards to and telephone distribution. the benefi t of all stakeholders. During 2012 our primary focus was to deliver a smooth and Colleagues successful integration of the acquired business. All elements of the integration were completed successfully during the year. On behalf of the Board, I would like to thank Management At the same time, a comprehensive review of costs was carried and all Staff for their commitment and hard work during this out across the combined business and signifi cant cost savings transformational year, particularly those who delivered the delivered. We do not believe that these cost savings will reduce successful integration programme. our ability to support future growth. Outlook The acquisition of a Virgin credit card portfolio from MBNA Following the acquisitions of Northern Rock and the credit card In August, we agreed in principle to acquire from MBNA a portfolio portfolio, we believe that we have laid the foundations for a of £1.0 4 billion of Virgin credit cards which MBNA had managed for bank which, under the Virgin Money brand, will be positively us since 2002. This acquisition was completed on 18 January 2013 diff erent from the large incumbent banks and able to compete and so is not refl ected in our results for 2012. This transaction arose eff ectively with them, and able to respond positively to regulatory from Bank of America’s announcement, in August 2011, that it developments supporting greater competition and better was considering disposing of its European card businesses. While standards in banking. we are grateful for the support which MBNA has given us over the last decade, we are confi dent that we now have suffi cient scale and experience to manage our own future in this market, where Virgin Money has already been successful.
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