UK challenger Oxbury Bank announces first full year of profitability

Oxbury Bank Achieves Profitability: Key Points

1. Profitability Milestone:
   • Achieved profitability in under three years since launch.
   • Reported a pre-tax profit of over £3 million for 2023.
2. Financial Performance:
   • Customer deposits increased by 240% to £1.06 billion from £441 million in FY22.
   • Total lending grew by 74% to £606 million from £349 million in FY22.
3. Support and Capital:
   • Backed by a £100 million ENABLE Guarantee from the British Business Bank in November 2022.
   • Raised £24 million in new equity capital in 2023.
4. CEO’s Statement:
   • CEO James Farrar expresses pride in Oxbury’s rapid progress and profitability.
   • Highlights the success of Oxbury Earth Tech platform as a positive force in agriculture.
5. Oxbury Earth:
   • Proprietary AgTech solution enabling embedded finance offerings for customers.
6. International Expansion:
   • Plans to explore opportunities in international agricultural markets, including the US.
   • Several enterprises interested in partnering to roll out Oxbury’s sector-focused technology overseas.