Monzo Makes First Profit Even as Credit Loss Provisions Soar
- British digital bank now has almost 10 million customers
- Monzo is opening a new office in Ireland to grow in the EU
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Monzo Bank Ltd. reported its first annual profit after more than doubling its revenue last year, though it made provisions for bad loans worth more than a tenth of its lending book.
The British mobile bank posted a pretax profit of £15.4 million ($19.6 million) for the 13 months through March compared to £116 million loss a year earlier, with revenue jumping to £880 million.