Oxbury, Britain's only specialist agricultural bank, has achieved annual profitability for the first time – with over £3 million of pre-tax profit.
The fintech has reported is financial results for 2023, after launching in 2021 with a mission to finance UK food production and farming.
The results show the bank doubled its customer numbers, more than doubled deposits and grew its lending by 75% last year.
It is also fast-becoming the finance option of choice in the UK’s £21 billion agriculture finance market – reaching 3% market share.
There was growth driven by customer demand, with total drawn lending growing by 75% to £606 million, up from £349 million in 2022.
Customer deposits increased 240% to £1.06 billion (FY22: £441 million), and 2023 saw a doubling of borrowing customers, close to 3,000.
Net interest income increased 341% to £19.4 million (FY22: £5.7 million), which reflects the growth in lending.
James Farrar, Oxbury CEO said 2023 was an 'incredible year' for the firm, adding "we’re incredibly proud of Oxbury’s progress in such a short space of time."
He said: “There is great demand in agriculture for Oxbury’s offer, that can help farmers take on the current challenges they face, including productivity, land changes and the transition to net zero.
“We’ve delivered a growing, profitable business in only three years and built on our very own Oxbury Earth Tech platform – proving how Oxbury can become a new positive force in agriculture, not just in the UK, but potentially overseas.
“As Britain’s first and only agricultural focused fintech, we remain committed to serving food and farming businesses and helping our customers achieve their goals.”
