The net profit of “Revolut Bank”, registered in Lithuania, which provides services in the European Economic Area, reached 78.4 million euros in January-March, which is 3.3 times more than in the first three months of last year.
Meanwhile, the revenues of “Revolut Bank” in the first quarter reached 1.1 billion euros, which is 2.2 times more than in January-March last year.
Compared to the year, the bank’s revenues from payments, service plans, credit and currency exchange services increased.
The number of private customers of the app exceeded 30 million euros in Europe in April, of which more than half a million are in Lithuania. In the European economic zone, Revolut Bank’s largest markets in terms of the number of private clients were Romania, Poland, France, Spain and Ireland.
In the first quarter compared to the year, the amount of deposits of “Revolut Bank” increased by 27.2% to 10.3 billion euros, which was facilitated by the expansion of the customer base. The loan portfolio increased 2.8 times to 644 million euros.
Last year, “Revolut Bank” provided consumer lending in seven markets compared to five countries in 2022.
Currently, the bank of Lithuania provides consumer loans and offers credit cards, but soon plans to start offering mortgage loans, which could later be issued in other countries as well.
“Revolut Bank” operates in 30 markets in the European Economic Area. Its license and supervision is provided by the European Central Bank (ECB) and the Bank of Lithuania.
The ECB has added the holding company “Revolut Holdings Europe” registered in Lithuania and its bank “Revolut Bank” registered in Lithuania to the list of banks under its direct supervision.
In December 2022, the Central Bank of Lithuania recognized “Revolut” as a financial institution of systemic importance.
Revolut. Photo: scanpix/AFP
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