Digital-only Atom Bank saw its assets triple in the 12 months to April, but the Atom Bank results also saw losses increase.
The increase in losses was attributed to low montage rates and high savings offers.
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However, Atom’s loan book increased from £99m ($130m) to £1.2bn in the same time period. Customer deposits increased £1.4bn.
Loss before tax totalled £53m for the year, higher than the £42m lost in the previous year.
Total assets grew to £2bn from £649m in twelve months.
In addition, the Atom Bank results stated that 34,000 new customers joined the bank and staff numbers increased to 310.
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By GlobalDataAs shown in our rankings, Atom Bank has a remarkably low app rating for a digital bank, 2.7 and 2.8 on Apple and Android respectively.
Bridget Rosewell, chairman of Atom Bank, said: “We’ve made remarkable progress in the last year at Atom Bank. As our new Chairman, I am delighted to lead the Atom team into the new financial year with bright prospects ahead. We will continue to digitalise, to disrupt and to invest in top-class innovation on our mission to reinvent banking.”
Chief executive Mark Mullen said: “We are set upon digitalising our entire business model, touching every part of our supply chain and of our customer proposition. We will leverage the resulting cost-efficient platform, to disrupt ourcompetition by offering better value, together with faster and more innovative solutions for our customers.”
