Starling Bank revealed it has hit its first full year profits today as the digital lender swings into the black from a £30m loss last year.
The London-based bank, which offers both personal and business banking, posted pre-tax profits of £32.1m for the 12 months to the end of March.
Unlike digital rivals Monzo and Revolut, Starling has long emphasised its focus on a fast track route to profitability rather than expansive and loss-making growth plans.
Boss and founder Anne Boden (pictured) said today the results set the lender apart from rivals.
“With our first full year of profitability, we’ve placed ourselves firmly in a category of one,” she said in a statement.
“As an innovative digital bank with a sustainable business model and a strong balance sheet we are generating our own capital and we stand apart from both the old banks and other challengers.”
Revenues for the year to the end of March hit £188m.
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Starling Bank hits first full year profits at £32m