- Monzo, the digital challenger bank, announced a significant 44 per cent surge in its annual pre-tax profits, reaching £87.3 million for the year ending March.
- This profit increase was primarily driven by a 39 per cent rise in total revenues to £1.7 billion, attributed to increased lending activities and the growing uptake of its paid subscription services.
- The bank's paid subscription plans now have approximately 1.6 million customers, contributing to a 39 per cent increase in fee and commission income, totalling £459 million.
- Monzo's customer base expanded to 15.2 million, positioning it as the UK's seventh-largest bank by customer numbers, as it encourages more users to adopt it as their primary bank.
- The bank's former chief executive, TS Anil, received a pay package of £3.5 million last year before stepping down, with Diana Layfield succeeding him in the role.
IN FULL
Monzo profits surge as digital bank thrives with lending and subscriptions services
