Starling Bank Profits Slump as It Reveals Covid Loans Compliance Hit

Starling Bank profits slide after FCA fine and Covid loan issues

The bank reported a pre-tax profit of £223 million for 2024, down 26% from the £301 million made the prior year.

Goldman-backed Starling Bank reports 26% drop in annual profit as it flags Covid loan fraud issue

British neobank Starling posted an annual profit before tax of £223.4 million, down nearly 26% year-on-year.

Goldman-backed Starling Bank reports 26% profit drop as it flags Covid loan fraud issue

British neobank Starling posted an annual profit before tax of £223.4 million, down nearly 26% year-on-year.

Starling Bank profits slump as it reveals Covid loans compliance hit

Digital challenger bank sets aside £28mn connected to pandemic lending push

Starling’s profits drop 25% as bank takes blame for Covid loan losses

The digital bank Starling has suffered a 25% drop in annual profits and said it would turn down government guarantees on £28m of Covid loans losses after conceding its own weak controls were to blame. The admission stirs up a long-running controversy over Starling’s handling of the government-backed bounce back loan (BBL) scheme, which was built to get money quickly to small businesses during lockdown. The scheme offered loans of up to £50,000 a…

Starling Bank’s Profits Dip Due to COVID and Crime Control Issues

Neobank Starling expanded its customer base last year, even as regulatory issues diminished profits. The U.K.-based company released full-year earnings Wednesday (May 28), showing customer deposits reaching a record 12.1 billion pounds ($16.3 billion), up from 11 billion pounds the prior year. Open accounts came to a high of 4.6 million, a 10% increase from the previous year. However, Starling’s profit before tax fell to 223 million pounds, a ne…