2025 Annual report

A DECADE IN REVIEW

Over the past decade, OakNorth has provided more than £15.1bn (c.$20bn) of lending to the lower mid-market, empowering thousands of established entrepreneurs to grow their businesses, supporting over 70,000 jobs and generating more than £40bn2A in economic value. Throughout a decade marked by significant disruption in the UK and globally, we continued to back our customers while maintaining rigorous credit discipline, resulting in cumulative principal losses of just 0.045% over 10 years3A. This strong performance has placed us among the top 1% of commercial banks globally4A in terms of return on assets, with an efficiency ratio of 26%5A, and adj. ROE of 22%6A.

This report tells the story of how we built it, what we delivered in 2025, and where we’re taking the next decade.

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Fuelling ambition. Powering growth.
Transforming businesses.

Delivering for customers, communities, and stakeholders — across the UK, US, and beyond

Our success is built on the success of our customers

Making a positive impact in communities

Of new credit originated via referrals, repeat customers or directly by OakNorth

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Over the past decade, OakNorth has become the leading disruptor serving lower mid-market businesses. In 2025, we delivered £605.9mn(7) ($787.7M) of gross revenue, becoming the only scaled lender fully focused on serving the lower mid-market segment.
Rishi Khosla, CEO & Co-founder, OakNorth
We maintained our disciplined approach to credit and capital allocation, generating strong retained earnings, while significantly investing for expansion. Our model was built to deliver forward-looking, customised credit solutions for ambitious, proven entrepreneurs.
Rishi Khosla, CEO & Co-founder, OakNorth
The fact that 40% of our originations now come from the US, just two years after entering the market, demonstrates that this model is transferable and competitive in one of the world’s largest lending markets.
Rishi Khosla, CEO & Co-founder, OakNorth
With significant runway for growth across the UK and US, we're primed to make our next decade even more impactful than our first.
Rishi Khosla, CEO & Co-founder, OakNorth


A year of continued strong financial performance

Resilient profitability and disciplined growth, despite a challenging UK macroeconomic backdrop.

£222.5mn

profit before tax

OakNorth maintained strong profitability in 2025, with profit after tax reaching £222.5mn ($289.3M1) in 2025, following record growth in the US.

£15.1bn+

credit granted since inception

Over the past decade, OakNorth has provided more than £15.1bn (c.$20bn) of lending to the lower mid-market, empowering thousands of established entrepreneurs to grow their businesses. We maintained our disciplined and sustainable growth in 2025 with total facilities increasing by 18% to £7.2bn ($9.3bn) – up from £6.1bn ($7.9bn) in 2024 – driven by a 33% increase in gross originations to £2.8bn ($3.7bn) from £2.1bn ($2.8bn) in 2024.

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Expanding across the Atlantic

OakNorth is capturing the $4T opportunity in the US lower mid-market — applying the same proprietary credit intelligence, speed of execution, and customer focus that made it the UK’s most respected business lender.

  • $1.4B of new US loan facilities originated in 2025, up from $0.4B in 2024 — with the drawn book growing from $0.4B to $1.1B.
  • 40% of gross originations came from the US – a market OakNorth only entered in 2023 following the regional commercial banking crisis – demonstrating how OakNorth’s model is resonating in one of the world’s largest and most competitive markets.
  • Throughout 2025, we continued to invest heavily in its US expansion, whilst simultaneously supporting businesses which are operating across both the US and UK – such as F1 Arcade, Ultimate Performance, and Mamas & Papas.

Conducting business in a sustainable way

Sustainability and responsibility are core to OakNorth’s mission. By integrating environmental and social considerations into lending and operations, the Bank supports entrepreneurs driving solutions to society’s most pressing challenges.

Targeting a 60% reduction in financed emissions
by 2035

Targeting Net Zero by 2045

Net zero for Scope 1 and 2 emissions since 2019, OakNorth has revised its net zero target to 2045, reflecting operational expansion and market realities. The Bank targets a 60% reduction in financed Scope 3 emissions intensity by 2035 and is embedding climate risk into every lending decision via the ON Climate framework.

Supporting the low-carbon economy

Green transition

OakNorth actively connects customers with climate-centric businesses through Green-dating events, partnerships with Greenbackers, Sustainable Ventures, and Bright Tide, and is a founding member of the SME Sustainability Data Task Force, developing the UK’s first SME Voluntary Emission Standard.

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

Empowering communities & entrepreneurs

Through the 1+1% Commitment — donating 1% of group profits and 1% of team time — OakNorth is supporting over 11,000 students across 130 schools in four continents through the Mentorpreneurship programme, financial literacy workshops, CERN teacher programmes, and Boston Children’s Hospital rare disease research.

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Nurturing diverse talent and improving social mobility

Developing young talent

In 2025, over 3,000 applications were received for six Graduate Rotational Programme places. OakNorth achieved an employee engagement score of 7.64/10, with 84.4% of employees rating it highly for inclusivity and 78.4% saying they would recommend it as a great place to work.

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Join us on the journey

Speak to our team today

Previous annual reports

2025 OakNorth Annual Report
2024 OakNorth Annual Report
2023 OakNorth Annual Report
2022 OakNorth Annual Report
2021 OakNorth Annual Report
2020 OakNorth Annual Report

* OakNorth ranks among the top 5 banks in Western Europe and top 90 globally for Return on Assets, per The Banker’s Top 1000 World Banks (July 2025), out of approximately 6,317 banks in the BIS LBS database (2024). The exact positioning of the ROA ranking is at 1.4%.

1 Equity comprises total capital and reserves attributable to ordinary shareholders, excluding minority interest. This is stated pre dividend payments.

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 and US National Accounts data, applying GVA, employment figures, and sector revenue to OakNorth’s lending customers’ incremental revenue to assess their impact.

4  New lending facilities extended during the year that were originated through direct client relationships, repeat borrowers or the OakNorth network, and excludes any facilities where a referral or introducer fee was paid to a third-party intermediary

5 Gross facilities (committed and uncommitted) funded since inception.

1A GBP to USD average exchange rate = 1.3
2A Aggregate Economic Value Supported represents the cumulative economic scale of lending facilitated since inception. For property-collateralised facilities, this reflects collateral values at origination. For other collateralised facilities, enterprise or asset collateral values are used. For non-collateralised facilities, economic value is estimated using an implied enterprise value based on OakNorth’s average Enterprise Value/ Debt multiple over the past five years. Figures are not adjusted for subsequent changes in valuations or repayments, and do not represent outstanding balances.
3A Gross cash lent to the borrowers excluding any interest dues. 0.045% is computed as £6.9 million of principal losses divided by £15.1 billion cumulative facilities granted since inception.
4A OakNorth ranks among the top 5 banks in Western Europe and top 90 globally for Return on Assets (ROA) per The Banker’s Top 1000 World Banks (July 2025), out of approximately 6,317 banks in the BIS LBS database (2024). The exact positioning of the ROA ranking is at 1.4%.
5A Excluding strategic investment costs. See details in section “2025 Financial Review” on page 21 to 24.
6A Adjusted Return on equity (ROE) is computed as profit after tax attributable to ordinary shareholders expressed as a percentage of average regulatory equity capital excluding surplus
7A Computed as sum of interest and interest and fee income. Please see Consolidated Statement of Profit or Loss on page 102.