Latest news with #StarlingGroup
FF News
3 days ago
- Business
- FF News
Starling Reports Strong Revenue and Invests for Growth
Starling Group today published its financial results for the twelve months ending 31 March 2025 (FY25), showing strong growth in revenue, customer numbers and deposits. This performance positions the Group well as it prepares to launch new retail and SME banking propositions, announce more international Engine by Starling clients, and create more than a thousand jobs. FY25 Highlights: Revenue rose to £714 million, up from £682 million the previous year, demonstrating a continued robust performance across all business lines. Customer deposits reached a record £12.1 billion, up from £11.0 billion the previous year, demonstrating growing confidence in the bank and its services. Open accounts reached a new high of 4.6 million, a 10% increase from 4.2 million in the prior year, indicating continued customer acquisition success. Profit before tax decreased to £223 million as the Group recognised one-off costs relating to two legacy matters. Underlying profit before tax was £281million. The Group's capital surplus has grown by 40% to over £400 million. Raman Bhatia, Group Chief Executive, said: 'These results represent an important milestone, marking the Group's fourth consecutive year of profitability and revenue growth. This performance derives from our commitment to providing customers with innovative banking solutions and exceptional service. We are particularly pleased with Starling Bank's success in attracting new customers, as evidenced by the continued growth in our deposit base and open accounts.' 'In the last year we demonstrated our commitment to addressing legacy matters, investing in our people and capabilities so we now move forward from a position of strength. We will leverage our robust capital position to continue to scale our growth in the UK by helping our customers become better with money. We will also make great strides in turning Engine by Starling into a global success.' Declan Ferguson, Group Chief Financial Officer, added: 'The Group generated an underlying profit before tax of £281 million. Our revised capital requirements were communicated in April, taking our total surplus capital to more than £400 million in excess of our buffers; a 40% increase on last year. In the coming months, we'll be deploying this capital across Starling Bank, Engine and other international ventures to fuel our growth.' Group company contributions During the year, Starling Bank continued to innovate with new features, such as 'call status indicators,' which help customers spot bank impersonation scams, and low balance warnings when a customer's main balance drops below a pre-set threshold. The bank also launched its Easy Saver, which offers a competitive interest rate payable on balances up to £1 million, with penalty-free access and full integration into the Starling app. Engine's first Software-as-a-Service clients, Salt Bank in Romania and AMP Bank in Australia, launched their digital banking platforms during the year, contributing £8.7m (2024: £2.3m) to the Group's fee income. Engine is building a strong pipeline that could see it achieve recurring revenues in excess of £100 million in the short to medium term. Fleet, the Group's buy-to-let mortgage company, continues to be a successful acquisition. Fleet's lending grew by 33%, or £0.8 billion, reaching £3 billion. Mortgages grew to represent 90% of total gross lending, reflecting the Group's focus on a secured lending growth strategy. We continue our mission to be the lender of choice in the specialist buy-to-let market. Overall, net fees and commissions, including fees from Engine, grew by 12% year-on-year to £94.8 million, underscoring the Group's strategy of diversifying its sources of revenue and reducing its dependency on net interest income. Regulatory update As reported in October, the bank settled a £29.0 million fine from the FCA relating to the onboarding of certain high-risk customers in contravention of agreed restrictions and sanctions screening processes. Through extensive investment in resources and expertise relating to financial crime, Starling Bank has an established risk management and control framework that will support a new phase of safe, sustainable growth. The bank also recognised a £28.2 million provision related to the voluntary removal of the government guarantee on a limited number of loans issued under the Bounce Back Loan Scheme (BBLS), which the bank determined may not comply with the guarantee requirement. This proactive step further evidences Starling's commitment to addressing legacy matters.
Finextra
27-05-2025
- Business
- Finextra
Starling strengthens leadership team with four new appointments
Starling Group today named four new members of its Executive Committee, further strengthening its leadership in the legal, compliance, and people functions. 0 The appointments comprise an internal promotion and three external hires, reflecting Starling's internal talent pool and its ability to attract top talent. Group CEO Raman Bhatia has now added eight senior appointments since he joined in June 2024. Catarina Abrantes-Steinberg has been appointed Group Chief People Officer, subject to regulatory approval. She succeeds Susanna Yallop, who left Starling at the end of April after five years in the role. Catarina has spent the past three years as Chief People Officer at Dojo Paymentsense, where she played a pivotal role in guiding the company through a period of hypergrowth. Prior to her time at Dojo, she held leadership positions at Russell Reynolds Associates and Expedia Inc. Catarina began her career in management consulting with McKinsey & Company. Ian Cox joins as Starling's new Group Head of Internal Audit, also subject to regulatory approval. With over 25 years in the financial services industry managing audit, risk, and governance, Ian will lead the internal audit function across the Group, supporting Starling's continued commitment to transparency, accountability, and strong risk management. Reporting to the Board Audit Committee, he will work closely with teams across the business to ensure Starling Group continues to meet the highest standards of assurance and compliance. Most recently, Ian was Group Chief Internal Auditor at Network International, based in Dubai. Monica Risam has been appointed Group General Counsel, succeeding Matt Newman. Monica is a dual-qualified US and UK lawyer with extensive experience in the financial services sector. She joins Starling from the Lombard International Group, where she held the position of Group General Counsel & Company Secretary. Monica has also held senior legal roles at Aviva and GE Capital, and began her career at the international law firm Weil, Gotshal & Manges. Bernadette Smith has been promoted to Chief Compliance Officer from her current role as Deputy Chief Risk Officer. In her new position, Bernadette will oversee all aspects of compliance for the bank. Bernadette joined Starling in 2022 and has held various leadership positions within Risk and Compliance, where she has played a critical role in growing and maturing the bank's Second Line of Defence. Raman Bhatia, Starling Group CEO, said: 'I'm thrilled to welcome Catarina, Ian, Monica and Bernadette to Starling's executive team. These appointments reflect our unwavering commitment to building a world-class leadership team with deep expertise. Their combined experience will be instrumental as we prepare for the next phase of growth at Starling.' Bernadette's promotion is effective immediately, while Catarina, Ian and Monica are expected to formally join Starling in the early summer.
Finextra
23-05-2025
- Business
- Finextra
Starling makes senior hires
Starling Group today named four new members of its Executive Committee, further strengthening its leadership in the legal, compliance, and people functions. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The appointments comprise an internal promotion and three external hires, reflecting Starling's internal talent pool and its ability to attract top talent. Group CEO Raman Bhatia has now added eight senior appointments since he joined in June 2024. Catarina Abrantes-Steinberg has been appointed Group Chief People Officer, subject to regulatory approval. She succeeds Susanna Yallop, who left Starling at the end of April after five years in the role. Catarina has spent the past three years as Chief People Officer at Dojo Paymentsense, where she played a pivotal role in guiding the company through a period of hypergrowth. Prior to her time at Dojo, she held leadership positions at Russell Reynolds Associates and Expedia Inc. Catarina began her career in management consulting with McKinsey & Company. Ian Cox joins as Starling's new Group Head of Internal Audit, also subject to regulatory approval. With over 25 years in the financial services industry managing audit, risk, and governance, Ian will lead the internal audit function across the Group, supporting Starling's continued commitment to transparency, accountability, and strong risk management. Reporting to the Board Audit Committee, he will work closely with teams across the business to ensure Starling Group continues to meet the highest standards of assurance and compliance. Most recently, Ian was Group Chief Internal Auditor at Network International, based in Dubai. Monica Risam has been appointed Group General Counsel, succeeding Matt Newman. Monica is a dual-qualified US and UK lawyer with extensive experience in the financial services sector. She joins Starling from the Lombard International Group, where she held the position of Group General Counsel & Company Secretary. Monica has also held senior legal roles at Aviva and GE Capital, and began her career at the international law firm Weil, Gotshal & Manges. Bernadette Smith has been promoted to Chief Compliance Officer from her current role as Deputy Chief Risk Officer. In her new position, Bernadette will oversee all aspects of compliance for the bank. Bernadette joined Starling in 2022 and has held various leadership positions within Risk and Compliance, where she has played a critical role in growing and maturing the bank's Second Line of Defence. Raman Bhatia, Starling Group CEO, said: 'I'm thrilled to welcome Catarina, Ian, Monica and Bernadette to Starling's executive team. These appointments reflect our unwavering commitment to building a world-class leadership team with deep expertise. Their combined experience will be instrumental as we prepare for the next phase of growth at Starling.' Bernadette's promotion is effective immediately, while Catarina, Ian and Monica are expected to formally join Starling in the early summer.
