Starling Bank Reports 55% Profit Increase Amid Strategic Expansion

Strong financial performance driven by higher interest rates and growth in banking software operations

Starling Bank's profits surged by 54.7% to £301.1 million, marking its third consecutive profitable year.
Revenues increased by 50.6% to £682.2 million, with a 4% rise in total deposits to £11 billion.
Higher interest rates significantly boosted Starling's net interest margin, which rose to 4.34%.
The bank is expanding its Banking-as-a-Service (BaaS) software, Engine, aiming for it to become as large as its UK operations.
Discussions about a potential IPO are ongoing, with London being considered the most likely venue.