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British digital bank Monzo hits monthly profitability for the first time after s...
source link: https://fintechranking.com/2023/05/31/british-digital-bank-monzo-hits-monthly-profitability-for-the-first-time-after-spike-in-lending/
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British digital bank Monzo hits monthly profitability for the first time after spike in lending
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.
Read more: CNBC
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