Earnings

British digital bank Monzo hits profitability for first time

0


A Mastercard debit card from U.K. digital bank Monzo.

Monzo

Monzo on Wednesday said it hit profitability for the first time this year, in a major milestone for one of the U.K.’s most prominent digital banks.

In its annual report for the year ending February 2023, Monzo reported net operating income of £214.5 million ($266.1 million), almost doubling year-over-year from £114 million.

Losses at the bank nevertheless came in at a substantial £116.3 million — though this was slightly lower than the £119 million net loss Monzo reported in 2022.

Still, the company managed to reach profitability in the first two months of the year.

In its annual report, Chief Financial Officer James Davies said…



Source cnbc.com

0 0 votes
Article Rating

Weekly mortgage demand flat, interest rates drop for the third straight week

Previous article

Inflation outlook hits two-year low in latest New York Fed survey

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Earnings