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Revolut posts record pre-tax profits ahead of planned US expansion
(Sharecast News) - Challenger bank Revolut reported record pre-tax profits on Tuesday, as it prepares to accelerate its US expansion following the recent award of a full UK banking licence. Challenger bank Revolut reported record pre-tax profits on Tuesday, as it prepares to accelerate its US expansion following the recent award of a full UK banking licence.Revolut said pre-tax profits rose 57% to £1.7bn, while group revenue increased 46% to £4.5bn, ahead of estimates of £4.2bn, supported by strong growth in business banking, which accounted for 16% of total income.
Customer balances climbed 66% to £50.3bn, with retail customers up 30% to 68.3m and business clients rising 33% to 767,000. Revolut also reiterated its target of reaching 100m customers by mid‑2027.
Co-founder and chief executive Nik Storonsky said Revolut had built a "diversified, resilient business that is profitable at scale", adding that its technology‑driven model continued to support rapid global expansion.
Revolut secured its long‑awaited UK banking licence earlier in March, unlocking the ability to offer a wider range of lending products and launched full banking operations in Mexico in January. It has also filed for a US bank charter, which would allow it to operate nationwide under a single regulatory framework and offer products including personal loans and credit cards.
"As we transition into a truly global bank, we are proving that our technology-driven operating model continues to drive rapid expansion and record profitability. A decade into this journey, we have only just begun to show what is possible," added Storonsky.
Reporting by Iain Gilbert at Sharecast.com
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