Trading Update - July 2020
Starling generated £6.7m for the month of July 2020, which represents an annualised revenue run rate of c. £80m.
This revenue is split £3.9m of net interest income and £2.8m of gross fees and commissions income.
Customer numbers continue to outperform estimates, particularly in respect of SME accounts, where Starling has grown by almost 130% in account numbers since the start of the year.
Starling now has more than 1.5 million accounts in total, with almost 200,000 SME accounts and 1.25 million retail accounts. Additionally, Starling has opened almost 90,000 Euro accounts and has just recently launched USD accounts.
Many customers continue to maintain multiple accounts with Starling and the bank currently has over 50,000 open joint accounts.
Starling’s customer base continues to mature and the bank continues to grow more quickly outside of London - the average age of a Starling retail customer is almost 37 years of age and continues to rise.
Just 22% of Starling’s customers are based in London: