Starling Bank Sees 93% YoY Jump in FY 2022 Revenue

Starling Bank on Thursday reports its financial results for the financial year ending 31 March 2022 (FY 2022), witnessing its first full year of profitability with revenue jumping by 93% to £188 million.

Specifically, the digital bank swung to a pre-tax profit of £32.1 million in FY 2022 from a pre-tax loss of £31.5 million for the period to 31 March 2021 (FY 2021). The deposit base increased 55% to £9 billion and lending 45% to £3.3 billion.

In addition, Starling has continued to grow at pace in the three months following its latest accounts.The bank reported an annualised revenue run rate of £331.2 million in June 2022, which was driven by year on year lending growth.

In July 2021, Starling acquired Fleet Mortgages to gain its mortgage capability, which was now enhanced with more than £2 billion of mortgages on the balance sheet as at June 2022.

Anne Boden, Founder and Chief Executive of Starling Bank, commented: "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."

The huge growth has also benefited from its internal fundraise​ in April, when the bank raised  £130.5m at a pre-money valuation of more than £2.5 billion.