North East challenger bank Atom bank says it is poised to post a profit for the first time since its launch, following a year of financial progress.
The Durham based business, the UK’s first app-based bank, said that after posting its first month of operating profit in the its first quarter of the financial year, Atom recorded operating profits for the remaining three quarters of the year ended March 1 2022.
It said a focus on efficiency as it saw income growth led to it narrowing its underlying operating loss significantly to £2m, from 2021’s loss of £36m. Operating costs have remained under control, and while Atom’s income grew by over 200% in the year, running costs increased by only 6%.
