FinTech: Starling Bank Doubles Revenue, Earns 6X Profits; CEO Boden Leaves On A High Note

May 25, 2023 | FinTech, News

John Mountain will be interim CEO, Starling Bank.

Starling Bank, a leading digital bank in the UK, has reported a significant increase in profits and announced a change in leadership. Founder Anne Boden will step down as CEO on June 30th but will remain on the Board as a non-executive director. John Mountain, the current COO, will take over as interim CEO to guide the bank through its next phase of growth.

Starling Bank’s financial results for the year ending March 31st, 2023, were impressive. The bank achieved a revenue of £453 million, more than double the previous year’s figure. Pre-tax profits soared to £195 million, marking a six-fold increase from the previous year. Total lending also increased from £3.3 billion to £4.9 billion, and customer deposits rose by 17% to reach £10.6 billion. (Starling Bank)

Boden expressed her pride in the bank’s accomplishments, highlighting the disruptive impact Starling has had on the banking industry. She stated that the separation of her roles as CEO and a large shareholder would better serve the bank’s interests as it continues to evolve and grow.

Boden’s focus will shift to her position as a shareholder, advocating for Starling and ensuring the bank stays true to its values and vision.

David Sproul, Chair of the Bank, praised Boden’s leadership and acknowledged her significant contributions to the bank’s success. He emphasized that the bank is well-positioned for further growth, with a continued commitment to customer-centric banking.

John Mountain, the incoming interim CEO, expressed his pride in working at the bank and praised its unique combination of customer-centric and technology-driven approaches. He reiterated the bank’s dedication to improving the banking industry.

The bank will conduct an international search for a permanent CEO.

Related Story:  UK Digital Bank Starling Clocks First Full Year Of Profitability

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