UK app-based bank Atom is on course to make its first full year operating profit.
IN BRIEF:
-Atom delivered its first profitable month in Q1 after seeing a 200% increase in income.
-Operating costs improved by £34mn over the previous year.
-Thanks to a focus on automation, costs are only up 6%.
What does it mean?
Mark Mullen, CEO, Atom, says: “It has been a significant year of progress for Atom. We have continued to grow our franchise and we’re on the cusp of achieving sustainable full year profitability”. This has been enabled by increases in the loan book across both business and residential lending, with Atom’s total loan book reaching £3.3bn, up from £2.7bn the previous year.
