UK challenger Virgin Money has reported strong cards and deposits growth and said that it is on track to hit its full year targets.

In the year to end March, deposits at Virgin Money grew by 7.4% year-on-year to £31.1bn

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Gross mortgage lending was £1.4bn billion for the first quarter ended March, in line with earlier guidance. Strong cards growth resulted in credit card balances rising by 13.9% to £3.0bn in the year to end March.

Virgin Money CEO, Jayne-Anne Gadhia, said:

“We launched our SME deposit account in January and look forward to additional product launches later in the year. We have seen a stronger than expected customer response to the launch of our first Virgin Atlantic frequent flyer cards, demonstrating the strength of customer affinity with the Virgin brand. And we continue to make good progress in the development of our digital bank.

“In March, we announced a new partnership with Aberdeen Standard Investments which we believe will drive significant growth in assets under management.

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“In addition to the strategic initiatives, we are focused on growing assets at the right price and quality in a competitive mortgage market and are pleased to report 10.4% year-on-year growth in our mortgage book. We remain on track to deliver on the targets we set at the end of last year.”