News
Starling continues winning streak with third profitable year
New CEO Raman Bhatia, who was appointed earlier this year
Starling Group marked its third consecutive year of profitability, recording a 54.7% rise in pre-tax profits to £301.1m for the year ending 31 March.
Revenues across the group – which includes challenger bank Starling Bank, Engine by Starling and Fleet Mortgages – also saw a substantial increase of 50.6% to reach £682.2 million.
Total deposits increased by 4% to £11 billion, and the bank now serves 4.2 million accounts, up from 3.6 million the previous year.
John MountainInterim CEO of Starling Bank said: “This is our third full year of profitability, demonstrating robust financial performance.
“It was a groundbreaking year for Starling as we became a global provider of banking software-as-a-service through our subsidiary Engine by Starling.
“We have invested heavily in Engine because we are confident that one day it could become as big as the UK bank, or even bigger.”
David Sproul, chairman of the Starling group, said: “Starling is now an established part of the UK banking landscape. The percentage of active accounts is now almost 80%, while total transactions increased by 21% to £174.1 billion during the year. We have more customers, using our services more frequently, continuing to deepen their relationship with us.
“We look forward to welcoming our new Group CEO, Raman Bhatia on June 24th. He brings with him a wealth of experience in consumer technology, banking and fintech experience as the Group enters its next phase of growth.”