Monzo Profit Soars as British Challenger Bank Boosts Lending

Monzo Bank Ltd. said its profit quadrupled last year with a burgeoning loan book and customer growth lifting revenue, as the mobile bank works toward an eventual stock market debut.

The British lender posted a pretax profit of £60.4 million ($81.8 million) for the year through March compared to £15.4 million profit in the 13 months prior, with revenue jumping to £1.2 billion from £880 million.