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Digital bank Starling reports first profit on back of strong loan book
‘Landmark’ for eight-year-old British enterprise as it turns £14m loss into £32m annual profit helped by Covid loans
Starling Bank has reported its first annual profit thanks to a surge in lending, though executives played down the impact that a controversial boom in Covid loans had on its path to profit.
The chief executive and founder, Anne Boden, said the latest set of earnings were a “landmark” for the eight-year-old digital bank. Starling, which is backed by investors including Goldman Sachs and Austrian billionaire Harald McPike, swung to an inaugural annual profit of £32m for the year to March, from a loss of nearly £14m over the previous 12 months.
Read the original article at The Guardian