OakNorth Secures Top 1% Rank in ROA

Hey Digital Banking Fanatic!

OakNorth made an early impact, securing ￡154 million in funding and reaching unicorn status just 2 years after launch. A decade later, it continues to expand its role in the SME lending landscape.

The company’s latest financial results report a pre-tax profit of ￡215 million, marking a 15% YoY increase. Total cumulative credit now stands at ￡12.5 billion, up from ￡10.2 billion in 2023. With an adjusted return on equity of 22%, OakNorth ranks among the top 1% of banks globally in return on assets (ROA).

This performance has been fueled by its expansion into the U.S. market, which gained momentum in August when the Federal Reserve and the New York State Department of Financial Services (NYDFS) authorized OakNorth to establish a representative office in New York. The move has positioned the bank to accelerate growth in this new market.

“Over the last year, we have continued to invest in and develop our offering for our customers, expanding both our product suite and our geographic footprint. The compounding power of consistent double-digit growth across our net income and return on equity, driven by our strong customer satisfaction, proprietary tech, data, efficient operations, and disciplined credit approach, is profound.” said Rishi Khosla, OakNorth CEO & Co-Founder.

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Marcel

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