Digital bank Monzo posts first full year of profit after more than doubling revenue
What were Monzo's pre-tax profits for the fiscal year 2023-2024, and how does this compare to the previous year?
Monzo's pre-tax profits for the fiscal year 2023-2024 were £15.4 million ($19.6 million), marking its first full year of profitability. This is a significant improvement compared to the previous year, when it reported a loss of £116.3 million.
What milestone did Monzo achieve in the fiscal year 2023-2024 regarding its profitability?
Monzo achieved its first full year of profitability in the fiscal year 2023-2024. The British digital challenger bank reported pre-tax profits of £15.4 million ($19.6 million) for the year, a significant turnaround from the £116.3 million loss it experienced the previous year. Monzo's revenues also saw a more than twofold increase, reaching £880 million for the full year, up from £355.6 million in 2022. This milestone highlights the company's strong growth and financial performance in recent years, positioning it as a competitive player in the UK's digital banking market.
How much did Monzo's revenues increase in the fiscal year 2023-2024 compared to 2022?
Monzo's revenues saw a significant increase in the fiscal year 2023-2024 compared to 2022. The British digital challenger bank reported revenues of £880 million for the full year, up from £355.6 million in 2022. This marked a more than twofold increase, showcasing the company's strong growth during that period.