ClearBank FY23 annual results reveals first full year of profitability.
In brief:
- It today reports pre-tax profits of £18.4m, compared to a loss of £7.1m in 2022 and the bank reached UK monthly profitability in November 2022, whilst total income has grown 91% YoY to £111.3m.
- ClearBank’s model, where funds are held at the Bank of England, has made it attractive to clients looking to increase protection and provide better returns in a high-interest environment.
- This was driven by the significant expansion of the bank’s client base, the number of bank accounts held by them and their end-customers, and an acceleration in open banking transactions.
What does this mean?
“2023 has been a stand-out year for ClearBank. While the industry and the broader economy have faced significant challenges, our values of innovation and sustainable growth have led to our first full-year of profitability—an incredible milestone in our journey,” said Charles McManus, CEO, ClearBank. “We have been able to offer resilience and stability in an uncertain market, building services our customers need, including a best-in-class embedded banking offering. But this is just one step on the journey, not the finish line.”
