Zopa Bank has reported a pre-tax profit of £15.8m for the financial year ending 31 December 2023. This compares to a pre-tax loss of £26m for the year ending 31 December 2022.

Total operating income for the same period to 31 December 2023 of £222m is up 47.8% year-on-year.

The Zopa customer base grew to over 1 million in the period across its newly expanded product offering.

Deposits rise by 14.9% to £3.4bn. Meantime, loans rise by 27.3% to £2.7bn.

Zopa reports that it maintained a strong net promoter score of 72. It says that this is aided by its proprietary technology which enabled it to offer great value, straightforward experiences at speed.

In addition, the bank reports that it has successfully reduced its cost-income ratio to 38.7%. In 2023, Zopa completed two capital raises, with £75m common equity tier 1 capital in January, and £75m of tier 2 capital in September.

Looking ahead

Future plans include further product innovation. In 2024, Zopa says that it will focus on adding more features and capabilities to its existing products and continue to build the Zopa account. It also plans to remain focused on efficiency through the launch of new artificial intelligence tools to fuel its productivity.

Zopa has launched a 2025 Fintech Pledge with ClearScore to drive 25 million positive financial actions for its customers by 2025. By the end of 2023 it had already attracted 50 members and achieved 10 million actions.