Sir Richard Branson
Virgin Money reported massive profit surge in 2014Virgin Money

Virgin Money, the recently floated financial services provider, has reported "record performance profits" after a "landmark year".

Underlying pre-tax profits soared 127% to £122m ($184m) in 2014 compared to the previous year, the company said, up from £54m in 2013.

Mortgage balances rose 11.8% to £21bn, meaning the company has around 4% of the UK market.

However, the bank's statutory profits before tax actually fell to £34m, down from £185.4m in 2013. The reduction was down to the company's flotation in November and its acquisition of Northern Rock in 2012, part of which was payable last year.

The bank's shares were up 5% in early morning trading on Thursday.

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

After the Virgin Money floated Gadhia became the first women to run a UK listed bank.