OakNorth reports £10.6m profit

Written by Mark Evans

Challenger bank OakNorth has reported that it provided over £1.2 billion of gross lending in the UK, up from £300 million a year ago, with a pre-tax profit of £10.6 million for the 2017 calendar year, only its second full year of operations.

Launched in September 2015, OakNorth offers loans of £0.5m to £30m to fast-growth UK businesses and established property developers and investors. Since its launch, the bank has grown its loan book across multiple sectors and regions, including: LEON, Brasserie Bar Co., Padella, NetPay, ICP Nurseries, Galliard, Frogmore, and The Collective.