Fintech

Pandemic lending powers up OakNorth profit to £78m

The bank has set aside £5m to cover four loan defaults

Rishi Khosla, OakNorth’s chief executive and co-founder, said the bank had made an effort to be “conservative” in assessing its preparedness for future lockdowns
Rishi Khosla, OakNorth’s chief executive and co-founder, said the bank had made an effort to be “conservative” in assessing its preparedness for future lockdowns Photo: David Paul Morris/Getty Images

Profit at British challenger bank OakNorth jumped to £77.6m in 2020, as the effects of the pandemic failed to dampen lending opportunities.

The small and medium-sized business lender said profit rose 18% year on year, with total operating income increasing by more than a third to £140.1m.

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