Starling Bank Earnings Lifted by Higher Interest Rates
- UK digital bank says London would be ‘natural home’ for IPO
- Firm looks to sell more banking-as-a-service software
Starling is one of the UK’s largest mobile-only banks, with 4.2 million customers.
Source: Starling BankThis article is for subscribers only.
Starling Bank reported its third annual profit after higher interest rates helped boost revenue, as the British mobile lender seeks to roll out its banking software globally.
The bank posted a pretax profit of £301.1 million ($384 million) for the 12 months through March compared with £195 million a year earlier, with revenue jumping to £682.2 million. Its net interest margin rose to 4.3%, from 2.7% a year ago, according to a statement Wednesday.