Starling Bank has reported its third year of profitability with pre-tax profits jumping 55 per cent to £301.1 million in the year ending 31 March.
Additionally, the challenger bank announced that revenue has increased by around 50 per cent to £682.2 million. Deposits jumped by four per cent to £11 billion.
Starling said the results were driven by strong growth in revenue, active customers and customer transactions.
The company now serves a total of 4.2 million accounts, which is an increase from 3.6 million in 2023.
Starling added that Salt Bank, which launched in Romania in March using Starling’s software, has achieved over 200,000 customers within the first month of its launch.
“Starling is now an established part of the UK banking scene,” said David Sproul, group chair of Starling. “The percentage of active accounts now stands at nearly 80%, while total transactions rose by 21 per cent to £174.1bn during the year.
“We have more customers, using our services more often, continuing to deepen their relationship with us.”
In March, Starling announced the appointment of Raman Bhatia as its new chief executive. Bhatia is currently chief executive of UK energy supplier OVO and will join the bank at the end of June.
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