Starling Bank Trading Update - October 2020

20th November 2020

London, 20th November 2020: Starling Bank today publishes a trading update for the three months to 31 October and announces that it has become the first of the new breed of digital banks to break even, thanks to strong momentum in customer accounts and revenues, coupled with a stable opex base. With nearly 1.8 million accounts, c.£4 billion in deposits and c.£1.5 billion of lending, Starling expects to be profitable on a monthly basis going forward as it continues to grow and gears up to scale across Europe. Read the CEO’s latest blog.

Number of Accounts - Retail

October 2019

827k

Last trading update (July 2020)

1.25m

October 2020

1.42m

Number of Accounts - Business

October 2019

74k

Last trading update (July 2020)

200k

October 2020

256k

Number of Accounts - Other Currency (EUR and USD)

October 2019

39k

Last trading update (July 2020)

90k

October 2020

100k

Average Deposits - Business

October 2019

£11,250

Last trading update (July 2020)

£15,250

October 2020

£14,900

Average Deposits - Sole Trader

October 2019

£1,700

Last trading update (July 2020)

£2,850

October 2020

£3,100

Average Deposit - Retail

October 2019

£900

Last trading update (July 2020)

£1,500

October 2020

£1,625

Deposits

October 2019

£897m

Last trading update (July 2020)

£3.1bn

October 2020

£4.0bn

Gross Lending

October 2019

£37m

Last trading update (July 2020)

£1.0bn

October 2020

£1.5bn

Annualised Run Rate Revenue

October 2019

£26m

Last trading update (July 2020)

£80m

October 2020

£108m

Operating Costs (annualised)

October 2019

£74m

Last trading update (July 2020)

£85m

October 2020

£98m

Operating Profit (annualised)

October 2019

(£48m)

Last trading update (July 2020)

(£4m)

October 2020

£10m

Key Metrics

October 2019

Last trading update (July 2020)

October 2020

Number of Accounts - Retail

827k

1.25m

1.42m

Number of Accounts - Business

74k

200k

256k

Number of Accounts - Other Currency (EUR and USD)

39k

90k

100k

Average Deposits - Business

£11,250

£15,250

£14,900

Average Deposits - Sole Trader

£1,700

£2,850

£3,100

Average Deposit - Retail

£900

£1,500

£1,625

Deposits

£897m

£3.1bn

£4.0bn

Gross Lending

£37m

£1.0bn

£1.5bn

Annualised Run Rate Revenue

£26m

£80m

£108m