OakNorth reports 73% boost to profits

OakNorth Bank experienced a 73 per cent increase in pre-tax profits to £134.5 million last year, up from £77.6 million in 2020.

The bank, which specialises in business lending, also reported a 60 per cent hike in new lending to £1.8 billion.

“2021 marked a significant period of growth for our business, during which we surpassed the £100 million milestone in net income after just six years of operation,” said Rishi Khosla, chief executive and co-founder, OakNorth Bank. “We look forward to continuing to build on this momentum and supporting the change-makers, productivity-drivers, job-creators, and innovators who are helping fuel the economic recovery, even as uncertainty lingers.

“We have come an incredibly long way in a short amount of time, and are really excited about what the future holds for our customers as we continue on our mission to empower the Missing Middle.”

Oaknorth, which first launched in September 2015, has lent over £7 billion businesses across the UK over the seven-year period.

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