2024 Annual report

A YEAR IN REVIEW

2024 was a year of records for OakNorth: we surpassed £2.1bn ($2.6bn) in gross lending in 2024, fuelled by significant demand for our offering in the US, where we have lent $700m. Our consistent profitable growth through the years is a testament of the trust of our customers, the communities we support, and our shareholders.

Download 2024 report

Fuelling ambition. Powering growth.
Transforming businesses.

Delivering impact for our customers, the community, and stakeholders

Our success is built on the success of our customers

Making a positive impact in communities

Delivering strong and consistent growth and profitability

Download report
As a business, we have consistently demonstrated both strong growth and high profitability – a rare combination.
Rishi Khosla, CEO & Co-founder, OakNorth
Over the last year, we have continued to invest in and develop our offering for our customers, expanding both our product suite and our geographic footprint.
Rishi Khosla, CEO & Co-founder, OakNorth
The compounding power of consistent double-digit growth across our net income and return on equity, driven by our strong customer satisfaction, proprietary tech, data, efficient operations, and disciplined credit approach, is profound.
Rishi Khosla, CEO & Co-founder, OakNorth
Despite ongoing macro-economic challenges, we are bullish for 2025, and excited about helping even more exceptional businesses and entrepreneurs on their scaling journeys.
Rishi Khosla, CEO & Co-founder, OakNorth


A year of continued strong financial performance

£214.8mn

profit before tax

With a total capital ratio of 20.5% at the end of 2024, we exceed our current regulatory capital requirements. Our consistent, high profitability enables us to fund capital growth in line with asset growth almost entirely from internal funds.

£12bn+

credit granted since inception

Over the last nine years, we have lent over £12bn to the lower mid-market, serving the businesses too often ignored by the major UK banks. We also now look after over £6bn of deposit savings of UK households, providing savers with good returns and the safety which a strong balance sheet ensures.

Download report

Expanding across the Atlantic

We have seen strong growth and momentum in the US:

  • Since entering the US in mid-2023, we have provided almost $700m in loans to high-growth businesses.
  • In August 2024, we received authorisation from the Federal Reserve and the New York State Department of Financial Services (NYDFS) to establish a Representative Office in New York – accelerating our growth plans.
  • Powering success for leading businesses like F1 Arcade, Ultimate Performance, Croud, and The Boundary, supporting their UK-to-US growth journeys.

Conducting business in a sustainable way

Sustainability and responsibility are core to our mission. Entrepreneurs, SMEs, and fast-growth businesses are the backbone of the UK economy, and by integrating environmental and social considerations into our business model, we support the innovators, challengers, and future leaders driving solutions to society’s most pressing challenges.

Targeting a 60% reduction in financed emissions
by 2030

Targeting Net Zero by 2035

Since 2019, we have achieved net zero for our Scope 1 and 2 emissions and continue to make strides in reducing Scope 3 emissions.

Download our report today

Supporting the transition to a low-carbon economy

Supporting the green transition

We’re maximising our impact by engaging with our customers and suppliers on climate and decarbonisation, supporting them with education, tools, and resources to assist them in their transition journeys.

Download our report today

1% of our group profits and 1% of our team's time are donated to charitable causes

Empowering communities & entrepreneurs

Through our 1+1% Commitment, we dedicate 1% of profits and 1% of our team’s time to mentorship, financial literacy, and social impact initiatives, supporting tens of thousands of students in STEM and entrepreneurship programs.

Download our report today

Nurturing diverse talent and improving social mobility

Developing young talent

In 2024, we supported 43 individuals through programs like Insight Week, which introduces students to various roles and leadership insights, work experience placements, internships, graduate rotations, and apprenticeships.

Download our report today

Join us on the journey

Speak to our team today

Previous annual reports

2024 OakNorth Annual Report
2023 OakNorth Annual Report
2022 OakNorth Annual Report
2021 OakNorth Annual Report
2020 OakNorth Annual Report

1 Net Promoter Score measures customer loyalty and satisfaction based on survey responses about recommending OakNorth’s products and services, rated out of 100.
2 New homes build supported across the UK and US, tracked through individual transactions funded since inception. Affordable housing is defined as dwellings priced below or within a reasonable deviation of the regional average House Price Index (HPI).
3 Number of jobs created or supported across multiple sectors in the economy ranging from industrials, hospitality & leisure, healthcare, education, real estate, professional services, consumer goods & retail, lender finance. Estimates leverage UK National Accounts data, applying GVA, employment figures, and sector revenue to OakNorth’s lending customers’ incremental revenue to assess their impact.
3 Gross facilities (committed and uncommitted) funded since inception.
4  Total equity comprises of total capital and reserves attributable to ordinary shareholders, excluding minority interest. This is stated pre dividend payments. The statutory equity balance as at 31 December 2024 was  £1,012 mn.