With over 10 million members, the bank had a “landmark year of record growth,” according to chief executive TS Anil.
For the year ending in March, it declared a pre-tax profit of £15.4 million (€18 million), up from a pre-tax deficit of £116.3 million in the year prior.
Monzo said that it is in the early stages of creating an office in Dublin, which it described as a “gateway” to let it expand throughout Europe, on the strength of its recently discovered profitability.
Although it stated it will launch in the “coming months,” it did not provide an opening date for the Dublin office.
The digital bank, which made its debut in the British banking market in 2015, claimed that more consumers making larger deposits into their accounts was helping them.
Deposits from customers increased by 88% to £11.2 billion as Monzo launched new services, such as cash and stock and share ISAs (individual savings accounts).
It profited from higher interest rates, which have increased recently in an effort to rein in the growing cost of living, much like other UK banks have.
The seventh-biggest bank in the UK is getting ready to open in the US after appointing a new executive group there.
It comes after the choice to rescind a 2021 application for a banking licence after learning that it was unlikely to be granted.
Monzo is concentrated on "making sure we lend to customers who we believe can pay us back," according to Mr. Anil.
“In many respects, I find it flattering that we are being compared to banks that have been in operation for much longer century-long in most cases as it shows that we are a major player and that we are creating a business that will endure forever,” the chief stated.
“And yet, we have a long runway ahead of us and are still in the early stages of our journey.”
He predicted that as time goes on, more clients will prefer to handle their finances digitally.