Starling Bank has posted its third full year of profitability, with pre-tax profits standing at £301m in its latest annual report.
The pre-tax profit reported by the digital bank for the year ended 31 March 2024 represents a 55% increase from the record-breaking year prior.
Founded in 2014, Starling Bank reported its first full year of profit of £32.1m in 2022, swinging from a £31.5m loss the year before.
“This is our third full year of profitability demonstrating a robust financial performance. It was a breakthrough year for Starling as we became a global provider of banking software as a service through our subsidiary Engine by Starling,” said interim CEO John Mountain.
“We’ve heavily invested in Engine because we’re confident it can one day become as big as the UK bank, or bigger.”
Mountain took over as chief executive following the departure of company founder Anne Boden.
In March, Starling announced Boden’s permanent replacement would be OVO Energy chief executive Raman Bhatia, who is set to take over on 24 June.
“Starling is now an established part of the UK banking scene,” said the challenger bank’s group chair David Sproul.
“We look forward to welcoming our new group CEO, Raman Bhatia. He brings a wealth of experience in consumer technology, banking and fintech expertise as the group enters its next phase of growth.”
