This is up 18% from £236m in 2023. The bank’s mortgage loans decreased by 2% to £56.6bn in the same period, and total customer lending went up 0.3% to £72.7bn.

Virgin Money CEO David Duffy noted that while the macroeconomic environment has slightly improved, interest rate expectations remain volatile, suggesting profit margins could take a hit as the year progresses.

He said: “Over the first six months, we have continued to deliver on our strategic ambitions in line with expectations.

“While we expect there to be headwinds through the second half of the year, we remain well placed to deliver growth in our target segments.”