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Allica Bank reports first full year of profitability after revenues double

April 22, 2024

The bank, which has been lending to UK-based SMEs since 2020, reports that its revenues increased 141% in the 12 months up to 31 December, standing now at £191 million.

Filing a 75% increase in customer deposits to £2.6 billion, alongside a 47% boost in SME lending to £2 billion, the challenger now claims to be levelling £16.1 million in pre-tax profit, marking the first time it has achieved this feat since launching in 2017.

Speaking on the results, Richard Davies, Allica Bank’s CEO of four years, attributes its latest financial success to “significant growth in revenue, lending and deposits”, a growth he says shows that “our proposition for SMEs is starting to really cut through”.

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