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Starling Bank reports £32m profit fueled by mortgage growth

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  • 21/07/2022
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Digital challenger bank Starling Bank has reported its first full year of profitability, partially due to growth in mortgage lending from acquisitions.

According to a trading update in June, total mortgage lending has come to £2.06bn in June, which is up from £1.22bn in March this year and up from £40m in June last year.

The bank said that its deposit base had also grown, with total customer deposits coming to £9.63bn, up from £6.76bn in June last year.

The challenger bank came to a pre-tax profit of £32.1m for the financial year ending March, which compares to a £31.5m loss in the same period last year.

Total gross lending came to £4.03bn, up from £2.34bn in June last year.

Starling Bank acquired Fleet Mortgages in July last year and has raised £130.5m for its acquisition war chest.

The bank is also reported to have bought a £500m mortgage book from Masthaven.

Anne Boden, founder and chief executive of Starling Bank, said: “With our first full year of profitability, we’ve placed ourselves firmly in a category of one.

“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.”

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