Starling first UK retail challenger bank to become profitable  

November 23, 2020 | FinTech

Written by FinTech Alliance

Starling first UK retail challenger bank to become profitable  

On Friday Founder and CEO Anne Boden announced that Starling Bank is profitable.  

In Brief:  

  • The challenger bank broke even in October and expects to be “monthly profitable from here onwards on an operating profit basis”.  

  • On an annualised basis profits stand at $10mn.  

  • The bank currently has nearly 1.8mn accounts, £4bn deposits and $1.5bn of lending.  

What does this mean?  

Starling has said it was on course to break even for some time, but in reality a surge in lending volumes brought about by Covid-19 and the government’s support loans like CBILS have brought this about more quickly than anyone could have imagined. Importantly, while operating costs have increased by 30% this year, the digital bank’s fixed costs have remained the same – unaffected by a rise in customer numbers.  

Read more here.    

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