Atom believes its customer-centric and cost-efficient model will expose the inefficiency of the legacy banks
Atom Bank has announced its first annual operating profit of £4m.
The UK-based digital bank reported revenue growth of 62%, £6.6b in savings deposits (more than double the previous year), and an increase in customers from 123,000 in 2022 to 224,000 this year.
The bank also proudly revealed a five-star rating for its app and on Trustpilot.
Atom said it is focused on the efficiency if its business model, which in time will “expose the operational costs and inefficiency of the legacy banks”.
Launched in 2016, the challenger bank offers mortgages and savings through its app, alongside business lending for small and medium-sized enterprises.
Mark Mullen, chief executive officer at Atom, commented on the important milestone.
Mullen said: “We’ve grown strongly, kept our costs tight and delivered our first annual operating profit.
“We’ve also passed on more than 70% of the Bank of England’s base rate increases to our savers but only 70% of them to our standard variable rate mortgage borrowers.
“Over the course of the year Atom has shown that banks can provide exceptional customer service and offer customers better value for money. We never allow ourselves to forget that ultimately, the customer pays for everything.
“We believe that the lowest cost and highest quality wins every time. If that isn’t the new banking paradigm, then it ought to be.”