UK digital challenger Atom Bank has recorded its first annual operating profit of £4 million over the last financial year off the back of strong customer growth numbers.
In brief:
- The bank, which claims to be the first to operate in the UK exclusively via an app-based format, reported the milestone in its latest financial results for FY23
-It attributes its success to developing the efficiency of its business model
- Atom has now achieved three consecutive quarters of double digit return on tangible equity (ROTE) to the end of Q1 FY24.
What does this mean?
Commenting on the results, Mark Mullen, Atom’s chief executive officer, reflected on an “important year” for the bank, during which he “kept our costs tight and delivered our first annual operating profit”.
