UK-based challenger bank Tandem has achieved its second consecutive year of profitability, primarily driven by its commitment to sustainability and eco-friendly banking practices.
In the past year, Tandem reported a five-fold increase in underlying profitability, reaching an impressive £17.2 million. This growth was fueled by a 28% rise in net interest income, totaling £87.8 million.
Positioning itself as a greener alternative to traditional banks, Tandem offers an array of products including loans, savings accounts, and mortgages, all crafted to support customers in making environmentally-conscious financial decisions.
Alex Mollart, the CEO of Tandem, stated, “Our strategy to establish Tandem as the UK’s leading green digital bank is proving successful. We are not only profitable for the second year in a row, but we are also witnessing growth across our deposits, lending, and overall revenue, which is drawing in more environmentally-minded customers.”
Mollart added, “It’s encouraging to see so many customers aligning with our mission to facilitate a transition to a lower carbon lifestyle while also saving money. We’ve experienced significant growth in customer trust, with more individuals choosing to invest their savings with Tandem, which in turn supports our green lending initiatives aimed at helping clients move toward a sustainable way of living.”
For those interested in the advancements in sustainable finance, the upcoming Sustainable Finance Live conference on October 8, 2024, will showcase the latest innovations in this evolving sector.