OakNorth has seen its pre-tax profits surge to £214.8 million in 2024, an increase of around 15 per cent compared to the previous year’s £187 million.


In its latest financial results, the neobank said it provided over £2.1 billion of gross new lending, which was driven by significant demand from its operations in the US where it has lent $700 million.

To date, OakNorth said its total cumulative credit facilities have grown to £12.5 billion, an increase from £10.2 billion at the end of 2023.

The bank launched operations in the US in 2023 and by the end of the following year it had leant $685 million to businesses in the country.

OakNorth received authorisation from the Federal Reserve and the New York State Department of Financial Services (NYDFS) in August 2024 to establish a Representative Office in New York, enabling it to accelerate its growth across North America.

Since its launch in September 2015, OakNorth said its loans have supported the creation of over 56,000 jobs and over 34,000 new homes, the majority of which are affordable housing.
The company added that it serves a diverse customer base that mirrors the economy, consisting of 51 per cent real estate and 49 per cent business loans.

“The compounding power of consistent double-digit growth across our net income and return on equity is profound, and is driven by our strong customer satisfaction, proprietary tech, data, efficient operations, and disciplined credit approach,” Rishi Khosla, chief executive and co-founder of OakNorth. “Despite ongoing macro-economic challenges, we are bullish for 2025, and excited about helping even more exceptional businesses and entrepreneurs on their scaling journeys.”

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