OakNorth - the leading digital bank for entrepreneurs, by entrepreneurs - today publishes its latest Annual Report, revealing pre-tax profits of £214.8m ($271.6m) in 2024 (FY23 £187.3m / $236.8m). OakNorth provided over £2.1bn ($2.6bn) 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’s total cumulative credit facilities have grown to £12.5bn ($15.7bn) - up from £10.2bn ($12.9bn) at the end of 2023, with an adj. return on equity (ROE) of 22%. OakNorth is also ranked amongst the top 1% of banks globally in terms of return on assets (ROA).

OakNorth’s backing continues to be a catalyst for growth, innovation, and market leadership for its lower mid-market customers, as well as creating a positive multiplier effect in the communities and economies in which it operates. Since its launch in September 2015, 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. OakNorth serves a diverse customer base that mirrors the economy, consisting of 51% real estate and 49% business loans.

OakNorth began operating in the US in mid-2023 and by the end of 2024, had lent $685m to fast-growing, entrepreneurial businesses there, as well as supporting businesses across the UK and US, such as F1 Arcade, Ultimate Performance, Croud, and The Boundary. 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.

The past year also saw OakNorth strengthen its reputation as one of the few fintechs globally that has consistently delivered both strong growth and high profitability. The over-subscription by leading global investors for OakNorth’s £150m ($189m) subordinated debt (Tier 2) public market issue in October 2024, is a testament to OakNorth’s robust performance and solid credit record.

Rishi Khosla, CEO and co-founder of OakNorth, said: “Over 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. The 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. Despite ongoing macro-economic challenges, we are bullish for 2025, and excited about helping even more exceptional businesses and entrepreneurs on their scaling journeys.”