Digital bank records best year since launch

Atom bank has hit a milestone of full profitability with operating profit rising to £27 million, a 600 per cent increase on last year.

The app-based bank raised £100 million from existing investors in November last year, and the additional capital has been used to accelerate balance sheet growth and to further scale the business.

Despite this growth, administrative and general costs have increased by just 4 per cent.

Alongside this, Atom bank has maintained a 5* ratings across Trustpilot, iOS and Android, whilst delivering a customer Net Promoter Score (NPS) of 88+.

Mark Mullen, Atom’s chief executive said: “This has been our best year yet at Atom bank.

“We have achieved profitability across all measures, grown our loan book significantly, maintained robust credit quality, avoided fraud losses altogether, kept our costs tightly controlled and enhanced our already industry leading customer experience metrics.

“UK banking remains dominated by players with low growth, high costs and indifferent customer service. We remain entirely focused on serving the needs of borrowers and savers, without the soaring costs and operational complexity of transactional banking products like current accounts. Ultimately, this is the only way to disrupt the status quo.”