The group’s annual report, released today, reveals the highest paid director received emoluments of £609,000 in 2009, compared to just over £1m in 2008. A Virgin Money spokesman confirms this relates to Gadhia.
He says: “Our remuneration policy is based on a balance of factors: P&L performance, customer and staff satisfaction and future growth prospects – and these influence reward.
“2008 was an exceptional year both in terms of business growth and also creation of future growth prospects following the Northern Rock process and
that is reflected in the 2008 figure.”
Virgin Money made a pre-tax profit of £36.9m in 2009, a 34 per cent increase on the £27.4m reported in 2008.
Turnover increased by 11 per cent, from £98.4m in 2008 to £109.5m in 2009, which the company says is primarily down to the group’s credit card programme.
Virgin Money also saw a slight decrease in their costs, falling from £72m in 2008 to £71m in 2009.
Earlier this year, Virgin Money bought the small regional private bank Church House Trust, giving it the required banking licence to offer retail banking products such as savings accounts and mortgages.