Pre-tax profits at OakNorth surged to 拢215m in 2024 as the digital bank surpasses 拢12.5bn in lending.
The London firm serving lower mid-market entrepreneurs and real estate firms with credit facilities saw profits of 拢187.3m in 2023.
OakNorth provided over 拢2.1bn of gross new lending in 2024, continuing its track-record of supporting ambitious and innovative businesses across the UK and the US.
To date, OakNorth鈥檚 total cumulative credit facilities have grown to 拢12.5bn, up from 拢10.2bn at the end of 2023, while it has now lent $685m in the US, where it began operating in mid-2023.
In August 2024, OakNorth received authorisation from the Federal Reserve and the New York State Department of Financial Services (NYDFS) to establish a Representative Office in New York, enabling it to accelerate its growth across North America.
Since its launch in September 2015, it claims that its loans have directly supported the creation of over 56,000 jobs and over 34,000 new homes, the majority of which are affordable housing.聽
鈥淥ver the last year, we have continued to invest in and develop our offering for our customers, expanding both our product suite and our geographic footprint,鈥� said Rishi Khosla, CEO and co-founder.
鈥淭he compounding power of consistent double-digit growth across our net income and return on equity is profound, and is driven by our strong customer satisfaction, proprietary tech, data, efficient operations, and disciplined credit approach.聽
鈥淒espite ongoing macro-economic challenges, we are bullish for 2025, and excited about helping even more exceptional businesses and entrepreneurs on their scaling journeys.鈥�