Cashplus Bank, the leading UK digital bank, has today published its full year results for the financial year ending 31 March 2023 delivering a post-tax profit of £5.5m driven by growth across all areas of the business.
Amid a backdrop of economic uncertainty for consumers and businesses, Cashplus delivered Profit After Tax (PAT) of £5.5m from record revenues of £52m.
The results were driven by good performance in all areas of the business, including a 20% increase in sales of the key microbusiness current account product. The company delivered a series of new features to this product, including enhanced tax and invoicing tools, and its innovative business credit card product during the year. New credit features include Open Banking-enabled payments and flexible repayment terms that allow customers to restructure their credit card balance as a fixed term loan.
These enhancements resulted in a marked increase in customer satisfaction with a 52% increase in the industry standard Net Promoter Score (NPS) metric. Customer loyalty and strong usage of Cashplus products was also demonstrated by a 13% increase in deposits to £512m and a 12% increase in card payment fees (known as interchange).
The firm, which was granted a bank licence in February 2021, also began to deliver on its plans to accelerate lending growth with receivables from its personal and business credit card and overdraft products growing 17%. During the year, the company also announced the expansion of its operations in Liverpool, home to its dedicated customer contact centre, and recently appointed experienced industry figures Barbara Gottardi and Julia Warrack to its Board.
Rich Wagner, CEO, Cashplus Bank: “I’m delighted with our performance for the year which saw us generate record revenues, grow in all core areas of the business and deliver a profit.
These results underline the quality of our business and the ongoing demand for simple-to-use, easy-to-access banking products for the microbusinesses and consumers who are too often overlooked by the UK’s incumbent banks.
“It’s been a challenging couple of years for many of our customers with lockdowns, supply chain issues, recruitment challenges and high inflation. I never fail to be impressed by the resilience of UK small companies, and by the continuing desire for people to follow their business dreams. Our job is to continue to provide innovative products to help them succeed.
“We will build on strong growth in revenue, profit and customers and strive to execute our ambitious plans to scale our business, capture 10% of the UK SME banking market and become the UK’s best loved digital bank.”