Oxbury Bank Achieves Profitability: Key Points
- Profitability Milestone:
- Achieved profitability in under three years since launch.
- Reported a pre-tax profit of over £3 million for 2023.
- Financial Performance:
- Customer deposits increased by 240% to £1.06 billion from £441 million in FY22.
- Total lending grew by 74% to £606 million from £349 million in FY22.
- Support and Capital:
- Backed by a £100 million ENABLE Guarantee from the British Business Bank in November 2022.
- Raised £24 million in new equity capital in 2023.
- CEO’s Statement:
- CEO James Farrar expresses pride in Oxbury’s rapid progress and profitability.
- Highlights the success of Oxbury Earth Tech platform as a positive force in agriculture.
- Oxbury Earth:
- Proprietary AgTech solution enabling embedded finance offerings for customers.
- International Expansion:
- Plans to explore opportunities in international agricultural markets, including the US.
- Several enterprises interested in partnering to roll out Oxbury’s sector-focused technology overseas.
