Digital bank Starling has posted its first ever pre-tax profit after moving into the mortgage market.
The bank, founded by its Swansea-born chief executive Anne Boden, has reported a pre-tax profit of £32.1m for the financial year ending 31 March 2022 compared to pre-tax loss of £31.5m in the previous year. Revenues for the year grew to £188m, up 90%, as it built on its the mortgage capability it gained through the acquisition of Fleet Mortgages in July last year, with more than £2 billion of mortgages now on the balance sheet as at June 2022.
This growth in lending has been funded by Starling’s growing deposit base, which increased by a further £600m in just three months.
