British digital bank Monzo has recorded a pre-tax profit of £15.4 million for the financial year ending 2024, marking its first full year in profit after posting a loss of £116 million in FY2023. The result was disclosed in the bank's annual report published on its website.
Revenue rose 148% year-on-year to £880 million. The growth was driven by a combination of net interest income from lending, subscription fee revenues from its Monzo Plus and Monzo Premium products, and interchange income from card transactions. Card spend across Monzo's network grew 42% to £47.8 billion.
DEPOSITS AND CAPITAL
Customer deposits rose 88% over the period to £11.2 billion.
Monzo said it had raised £500 million in fresh capital from new and existing investors.
Monzo, which holds a full UK banking licence, has focused on broadening its product range for UK customers.
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