The digital bank has reported a £32m annual profit, the first in its operating history.
In Brief:
-An increase in fees from loans has grown revenues 93% to £188m
-Starling has reported this profit as driven by home loans, following its acquisition of Fleet Mortgages, as opposed to bounce back loans and coronavirus business interruption loans
-Government loans now make up 20% of Starling's revenues and 44% of their loan book
What does it mean?
Anne Boden, CEO and founder of Starling: “would we have been profitable if we had not done Covid loans? Yes, we would.” On the back of this profit, Starling will press on with plans to list, with Boden suggesting this will take place in 2024.
