A BANK remains committed to seizing market opportunities to close in on the established elite, its boss has said.

Jayne-Anne Gadhia, Virgin Money’s chief executive, said the lender will continue to be resolute in its focus on tackling the big four of Barclays, Lloyds, HSBC and Royal Bank of Scotland.

Ms Gadhia’s pledge came just days after Newcastle-based Virgin revealed underlying profits increased 53 per cent to £160.3m for 2015 and gross mortgage lending was up 29 per cent to £7.5bn.

Virgin Money, which employs more than 2,500 staff, including well in excess of 1,000 people in Newcastle, continues to strengthen its market standing after paying the Government £747m in 2011 for the so-called ‘good bank’ element of Northern Rock.

Ms Gadhia told The Northern Echo: “Things are going really well and our results exceeded market expectations.

“When we bought Northern Rock, it was still a loss-making business, however, we enjoyed profits of £160m last year, which was great.

“We are growing in all areas and the main thing is to never lose sight of the next opportunity in front of you.

“I’m delighted for everyone, particularly the staff at Newcastle, who have worked so hard.”

Ms Gadhia was speaking after she officially opened a refurbished first-class lounge at Newcastle Central Station for Virgin Money’s sister brand, Virgin Trains.

Bosses say the space, which can accommodate nearly 70 passengers, will help Virgin increase demand for its premium offering.

David Horne, Virgin Trains’ managing director for the East Coast, said: “This fantastic new look lounge is the latest investment that will help us lift the experience for customers.

“Being able to relax ahead of a journey or prepare for that key business meeting is one of the things our customers really value.”

He added lounges at Darlington and Berwick are due to open in the coming days.

Virgin runs its East Coast trains through the Inter City Railways venture alongside Stagecoach Group.

Inter City previously agreed to pay the Government about £3.3bn to operate the franchise and plans to invest £140m into services, which include a new London to Sunderland route.

The operator will use trains made at Hitachi Rail Europe’s £82m factory in Newton Aycliffe, County Durham, from 2018.