Vida Group Holdings has published its annual results for the year ending 31st December 2024, revealing a fourth straight year of profitability and a successful transition to becoming a fully authorised specialist mortgage bank.
The group, which operates through Vida Bank Limited, reported £369m in new mortgage originations during 2024, driving a 9% net increase in its mortgage book, which now totals £1.9bn.
Net interest income reached £32.5m for the year, and operating profit stood at £3.7m, continuing a consistent run of positive financial performance.
Anth Mooney, CEO of Vida Bank, said: “2024 was a milestone year for Vida, marking our transition from a wholesale funded mortgage lender to becoming a fully authorised specialist mortgage bank.
“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.”
Securing authorisation from the Prudential Regulation Authority (PRA) enabled the launch of a competitive suite of savings products, with Vida Bank attracting £173m in deposits within the first month of trading as a bank.
This, combined with three successful securitisations worth a combined £850m, has underpinned the group’s move towards a more diversified and resilient funding model.
The bank also enhanced its mortgage proposition throughout 2024, growing application volumes by 67% to reach £1.2bn. Investment in the firm’s intermediary support service, the V-Hub, continued to play a key role in operational delivery. Vida’s “Excellent” Trustpilot rating was cited as evidence of the business’s commitment to service quality and broker relationships.
