NORTH-EAST workers’ diligence is providing fertile ground for a challenger bank’s expansion, its boss has said.

Jayne-Anne Gadhia has hailed Virgin Money’s 2,000-strong Newcastle team, saying it is proving invaluable in propelling the business to new heights.

She also said the lender has evaded any Brexit “wobble”, adding consumer confidence has remained undimmed since the EU referendum.

Ms Gadhia was speaking today (Tuesday, November 1), wherein she revealed homeowners’ ambitions to climb the property ladder and shoppers’ retail cravings had given its mortgage and credit card divisions fresh impetus.

According to results for the nine months to September 30, gross mortgage lending was higher at £6.5bn, with credit card balances 41 per cent better off than a year ago at £2.2bn.

Ms Gadhia said the latter figure puts Virgin, which paid the Government £747m in 2011 for the so-called ‘good bank’ element of Northern Rock, on course to meet a long-held £3bn balance target by the end of 2017.

She said such an aspiration, allied to its mortgage achievements, which have benefited from a lack of exposure to commercial property, would continue to be driven by the people overseeing operations from its North-East hub. She told The Northern Echo: “Nothing at all has wobbled since the vote; it surprised me and long may it last.

“We delivered a record start to the year for mortgages and we have maintained that momentum following the outcome of the EU referendum.

“For us, the mortgage growth is particularly good and I was speaking to someone recently who was saying how good our process is.

“All of that happens in Gosforth (in Newcastle) and our success is down to their hard work.

“When we bought Northern Rock, it was taking 32 days from application to completion of the mortgage process.

“It’s the same people and the same processes, but today it takes ten days; we can see the growth ahead with mortgages.”

Ms Gadhia also said its £3bn credit card goal was a very real target.

She added: “We think we have the right mix and are confident of getting to £3bn.

“The credit card business continues to go from strength to strength.”

To support its growth, Virgin has signed a partnership with 10x Future Technologies, which it says will provide a platform to build its digital bank.

10x was founded by Antony Jenkins, former chief executive at Barclays, and Ms Gadhia said it will be an important partner in the years ahead.

She added: “I am delighted to be working with 10x to transform our digital offering.”