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Britain's Starling Bank reports first annual profit of 32 million pounds

·1-min read

LONDON (Reuters) - British-based digital lender Starling Bank swung to its first annual profit on Thursday, reporting a pretax profit of 32 million pounds ($38.37 million) compared to a loss of 31.5 million the year before.

Launched in 2017, Starling is one of Britain's most prominent financial technology companies. It accelerated its growth relative to some peers during the pandemic by expanding its business lending through state-backed emergency schemes.

The digital bank has also faced criticism from lawmakers, with Theodore Agnew who quit as Britain's anti-fraud minister in January, raising questions in May about the checks Starling made on borrowers before handing them state-backed cash.

Starling's Chief Executive and founder Anne Boden rejected any assertions that the bank's pre-lending checks were inadequate, saying the bank was 'active and effective' in fighting fraud.

(Reporting By Lawrene White, editing by Sinead Cruise)

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