Vida Group has recorded a 463% year-on-year increase in its profit before tax to £10.7m in the six months to 30 June.

The bank’s latest profit update also beat its most recent full-year profit figure, which totalled £3.6m in the year to the end of December.

Vida’s operating income jumped from £18.6m in H1 2024 to £30.8m in the six months to 30 June, while its gross mortgage lending increased by 111% year-on-year to £348m.

The firm’s latest update comes after it obtained its PRA license in November.

In its outlook, the board said that expects continued momentum in deposits and disciplined lending growth.

Vida said that its priorities include expanding its retail deposit franchise, scaling mortgage origination, maintain a wholesale funding presence, driving cost efficiency and maintaining strong liquidity.

Chief executive officer at Vida, Anth Mooney, said that its latest results reflect the benefits of its new banking license, a more diversified funding base and continued operational discipline.

He concluded: "Retail deposits have transformed our balance sheet and materially reduced our cost of funds, supporting profitable mortgage growth.

"With mortgage applications of over £2bn year to date and a current pipeline of £600m, we have continued to see strong demand for our mortgage products from brokers and customers. We’ve seen record demand in September and expect a strong finish to the year as momentum continues. Our strategy of disciplined growth is delivering results, and we are well positioned to build on this success in 2026."

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