Vida Group Holdings Limited, the holding company of Vida Bank Limited, announced its financial results for the year ended 31 December 2024 and provided an update on strategic progress made during the year. The company reported strong performance and effective management, marking a fourth consecutive year of profitability.
The company’s mortgage book saw a 9% net growth, with £369 million in new originations. The mortgage book grew to £1.9 billion, showcasing Vida Bank’s strong lending performance. This was supported by three successful securitisations raising £850 million and £173 million of retail deposits raised within the first month as a bank, highlighting the company’s growth potential.
In terms of financial highlights, the company reported solid net interest income of £32.5 million and continued profitability with £3.7 million of operating profit. These results underscore the company’s consistent performance and effective management.
CEO Anth Mooney commented on the company’s strategic developments, stating that 2024 was a milestone year for Vida. The company successfully secured Prudential Regulation Authority (PRA) authorisation and launched a range of competitive savings accounts, providing a diversified funding base to support sustainable growth in the mortgage business. Vida also saw a 67% increase in application volumes, totaling £1.2 billion, and enhanced its mortgage product range and lending criteria, leading to strong gross lending and customer retention performance.
Mooney also highlighted the company’s commitment to operational excellence, with continued investment in their intermediary-focused ‘V-Hub’. This has resulted in a “Excellent” Trustpilot rating, reflecting the company’s dedication to their broker partners.
Mooney concluded by stating, “Receiving our banking licence represents the culmination of many months of preparation, opening the door to a more diversified funding model with the launch of our retail deposit business. This strategic transformation provides a very stable platform from which to scale sustainably over the coming years, strengthening our competitive position so that we can grow our asset base whilst delivering enhanced value to our shareholders, customers and intermediary partners.”
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.