Allica Bank nearly doubles profits in record-breaking year
The bank’s pre-tax profit increased by 86 per cent to £29.9m in 2024 and customer deposits were also up by 68 per cent to more than £4bn. Gross revenue also rose by 68 per cent to £292.1m, according to Allica’s annual report.
Richard Davies, CEO of Allica Bank, said: “2024 has been our best year yet, with significant growth in revenue, lending and deposits demonstrating that we are offering a genuine alternative for established SMEs (small and medium-sized enterprises) from the high-street banks and delivering on our promise to give them the banking they deserve. Allica have invested heavily in our proprietary technology capabilities to ensure we have the foundations in place to continue to scale at pace, in terms of the amount of established SMEs we're supporting and the ways we're supporting them. Alongside giving established businesses a bank account that rewards them and the support to help them thrive, I’m proud that Allica also advocated for established SMEs more broadly too.”
Mr Davies said Allica would continue to advocate for an expansion in the Growth Guarantee Scheme for growth SME finance, and an increase to the FSCS (Financial Services Compensation Scheme) limit.
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