The UK's Zopa Bank has narrowed losses after tax to £26 million from a deficit of £34.2 million in full year 2021, achieving a pre-tax profit of £10.1 million.
In brief:
-The bank says that in 2022, it grew total operating income by 131% to £151m and expanded its customer base to approximately 868,000.
-The main engine of this growth is attrubuted to Zopa's Smart Saver product
-The firm also acquired a £41 million loan portfolio in March from an investor in its former P2P lending business for a cash consideration of £38 million.
What does this mean?
CEO Jaidev Janardana says the business is on track to achieve full-year profitability in 2023. "Our technology enables us to achieve this growth efficiently, thus bringing our cost to income ratio down to 40%," he says
