Tuesday, July 23, 2024
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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.

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