In the black: Monzo reported a pre-tax profit of £15.4m for the year to the end of March
Monzo has reported its first annual profit since launching nine years ago as it works to list on the stock market.
Chief executive TS Anil said it was a “historic year of record growth” for the digital bank, which has almost 10 million customers.
Monzo reported a pre-tax profit of £15.4 million for the year to the end of March, compared with a pre-tax loss of £116.3 million the previous year.
The digital bank, which burst onto the banking scene in 2015, said it was benefiting from more customers depositing more cash into their accounts.
Customer deposits soared 88 per cent to £11.2bn. Like other UK banks, it also benefited from generating more income thanks to higher interest rates, which have risen in recent years in a bid to control the rising cost of living.
Thanks to its profitability, Monzo said it is in the early stages of opening an office in Dublin, which it described as a “gateway” to help it expand across Europe.
The bank, which is the seventh largest in the United Kingdom, is also preparing to launch in the United States.
Anil has previously said the challenger bank’s aim is to list on the stock market, with London considered as a possible destination.
