Tandem Bank has reported a 40% rise in underlying profit to £24.1m in 2024, with statutory profit reaching £4.4m, as it continues to expand its role in financing the UK’s transition to a low-carbon economy. Revenue rose 9% year-on-year to £98.7m, with assets under management increasing 5.2% to £1.51bn.
The bank, which focuses on supporting mainstream consumers through green lending and competitive savings, delivered its third consecutive year of profitability. Tandem said the results mark a turning point, as it posts its first statutory profit following its acquisition of Oplo and strategic pivot towards sustainable finance.
Green lending rose to £572m, up 9% on the previous year, now accounting for 38% of Tandem’s total lending. Lifetime lending for new low-carbon energy solutions has exceeded £700m, supporting over 160,000 customers. The bank also reported strong growth in motor finance, with new lending up 40% to £160m – 80% of which met Clean Air Zone standards.
Alex Mollart, chief executive officer at Tandem, said: “We knew 2024 was going to be an important year for Tandem and we’ve worked incredibly hard to get the bank to a place where we’re now posting our first statutory profit. We’ve done it whilst delivering new and innovative green products to help build a greener digital bank that empowers the transition to a lower carbon lifestyle and helps save money along the way.”
He added: “Our hard work is underpinned by great tech and dedicated employees who helped us land a spot in The Sunday Times Great Places to Work 2024 and The Sunday Times Top 100 Tech Companies 2025. I’m incredibly proud of the last 12 months and I’m already looking to the future and excited about Tandem’s next steps.”
Tandem’s annual report also highlighted strategic balance sheet optimisation, including a £268m securitisation of second charge mortgages, and controlled deposit reduction to £2.9bn, down from £3.6bn in 2023. The bank’s Common Equity Tier 1 ratio rose to 17.4%.
Product and service highlights for the year included the overhaul of Tandem’s mobile app, the relaunch of its Green Hub with a personalised Green Home Plan, and awards from MoneyFacts and the FLA recognising Tandem’s customer service and ESG performance.
