UK-based financial services group Revolut, which includes the Lithuania-registered Revolut Bank, reported a net profit of €934 million for 2024 on Thursday – more than double the €395 million recorded in 2023.

“Growth was strong across all key business segments,” the group stated in a press release, noting that 2024 marked the fourth consecutive year of net profitability.

The group’s pre-tax profit rose to €1.3 billion, an increase of approximately €510 million, while its net profit margin improved to 26 percent, up from 19 percent in 2023.

“2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but also saw deeper engagement, with customers adopting a broader range of services across both our retail offering and Revolut Business,” said Revolut CEO Nik Storonsky.

“This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability,” he added.

Revolut’s revenue surged by 72 percent to €3.7 billion, up from €2.1 billion the previous year, driven by both a growing customer base and increased product usage.

The group’s customer lending portfolio grew by 86 percent to €1.2 billion. In Lithuania, lending increased by 45 percent, with the number of new loans rising by 51 percent.

Globally, Revolut’s customer base expanded by 38 percent in 2024 to 52.5 million, while customer deposits jumped by 66 percent to €36 billion, up from €21 billion in 2023.

In Lithuania, the number of customers rose by 24 percent to nearly 600,000, while the number of business clients grew by 57 percent.

Revolut is expected to publish the financial results of its Lithuania-registered bank by the end of April.

Source: BNS

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