OakNorth surpasses £12. 5 Billion in lending and continues its US expansion

OakNorth, recognized as a digital bank catering to entrepreneurs, announced the release of its latest Annual Report.

The report indicates pre-tax profits of £214.8 million ($271.6 million) for the year 2024, an increase from $236.8 million in the previous fiscal year.

In 2024, OakNorth facilitated over $2.6 billion in gross new lending, reinforcing its commitment to supporting ambitious and innovative enterprises in both the UK and the US. As of now, the total cumulative credit facilities extended by OakNorth have reached $15.7 billion, a rise from $12.9 billion at the close of 2023.

OakNorth began in the U.S. in mid-2023. By the end of 2024, a total of $685 million was provided in loans to rapidly expanding, entrepreneurial enterprises here, in addition to offering support to businesses throughout the UK and the US. The United States will continue to be a significant area of growth for the bank.

“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,” Rishi Khosla, CEO and co-founder of OakNorth, said.

“The compounding power of consistent double-digit growth across our net income and return on equity is profound, and is driven by our strong customer satisfaction, proprietary tech, data, efficient operations, and disciplined credit approach. Despite ongoing macro-economic challenges, we are bullish for 2025, and excited about helping even more exceptional businesses and entrepreneurs on their scaling journeys.”