Recognise Bank achieves post-tax profit of £8.9m
The loan book grew by 51.1% during the year to £461.9m and deposits increased by 18.8% to £575.5m.
Recognise Bank reported a post-tax profit of £8.9m for the year ended 31st March 2026, following a £5.3m loss in 2025.
The loan book grew by 51.1% during the year to £461.9m and deposits increased by 18.8% to £575.5m.
Since the year end, the loan book has grown to more than £500m, with deposits above £600m.
Simon Bateman (pictured), CEO at Recognise Bank, said: “The last year at Recognise Bank has been about stabilisation, resetting the business and putting in place the right foundations to support our planned growth ambitions that support our strategy and financial plan.
“Our ambition was to achieve in month profitability by September 2025, supporting our plan to deliver full year profitability in 2027.
“I am pleased to share that we accelerated this trajectory and reached in-month profitability in May 2025, four months ahead of schedule.”
Bateman added: “For the first time in the Bank’s history, we are reporting a profit after tax compared to a loss in the previous year.
“This is an outstanding result, particularly given the scale of transformation over the past year and the challenging macroeconomic environment in which the Bank is operating.
“I am very proud of our achievements in the last year and could not be more excited about the future for Recognise Bank.”
He said: “The journey has only just begun and the opportunities ahead are huge.
“As we enter the next stage of our journey, with the support and passion from the whole team, we are focusing on the continuing growth of the business.”
Steve Pateman, chairman at Recognise Bank, said: “Last year I indicated the foundations were in place for Recognise Bank to become sustainably profitable and I am pleased to report that has been the case with in-month profitability achieved from May 2025.
“As a result of the progress made, we have also been able to recognise a deferred tax asset so that we can report a full year profit after tax and restructuring costs of £8.9m compared with a loss after restructuring costs last year of £5.3m.”
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