By Jonathan Davies

Virgin Money is set to be admitted to the FTSE 250 later this month, less than six months after listing on the London Stock Exchange.

The challenger bank only listed on the stock exchange in November, but shares are up 13% to 327.5p valuing it at £1.4bn.

Today (Thursday), Virgin Money reported record underlying pre-tax profits of £121.2m for 2014, up 127% on 2013.

Net lending for the year was £2.3bn, increasing Virgin Money's market share to over 10%.

Virgin Money chief executive, Jayne-Anne Gadhia, said: “We have made great progress against our objectives to achieve strong growth, maintain our high quality balance sheet and deliver returns to shareholders.

"We set out to be a credible and effective challenger to the large incumbent banks and I believe we have laid an excellent foundation on which to realise our ambition. We now rank in the top six of all UK net mortgage lenders and are among the highest rated retail banks in the UK by Net Promoter Score."