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UK challenger Atom Bank records first ever annual operating profit | Fintech InShorts: Latest fintech news, analysis by experts
Monday, December 23, 2024

UK challenger Atom Bank records first ever annual operating profit

UK digital challenger Atom Bank has achieved its first annual operating profit of £4 million in FY23, attributing its success to a strong customer growth and efficient business model.

Facts

  • Atom Bank has recorded its first annual operating profit of £4 million in FY23, after experiencing a £2 million loss in FY22.
  • Despite a rise of £8 million in total operating costs to £59 million, the bank’s revenue growth and net interest income (NII) increased by 62% to £76 million, offsetting the costs.
  • Atom Bank has achieved three consecutive quarters of double-digit return on tangible equity (ROTE) until Q1 FY24.
  • The bank’s customer net interest margin (NIM) remains strong at 2.84%, and its customer count has increased from 123,000 in FY22 to 224,000 at present.
  • Atom Bank attributes its success to improving the efficiency of its business model and exposing the operational costs and inefficiency of legacy banks.
  • Mark Mullen, Atom’s CEO, emphasized the importance of keeping costs low and delivering the first annual operating profit, stating that the customer pays for everything.
  • Schroders Capital Global Innovation Trust, a major shareholder in Atom Bank, marked its holding down by 31% but expressed encouragement with Atom Bank’s operational progress and profitability.

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