Multitude Bank announces €17.6 million profit for 2024
Digital bank reports strong financial performance and continued growth across Europe
Multitude Bank plc has announced a profit after tax of €17.6 million for the year ended December 31, 2024, reflecting a strong and resilient financial performance.
In a statement, the Malta-based digital bank said its Board of Directors had approved the Bank’s audited financial statements earlier this month.
Commenting on the results, Antti Kumpulainen, Multitude Bank CEO, said: “2024 was a milestone year for Multitude Bank, as we continued to deliver sustainable profitability while laying the groundwork for future growth. These results reflect the strength of our business model and our commitment to offering responsible, accessible, and innovative financial solutions across Europe.”
Net interest income for the year increased by 3%, reaching €162.5 million, driven by the Bank’s sustained growth in lending and investment operations.
Operating income also grew by €8 million compared to 2023, while operating expenditure rose by 4%, totalling €74.6 million, reflecting strategic investment in scaling operations and digital infrastructure.
The Bank reported a 12% increase in total assets, which rose by €108.8 million year-on-year. Loans and advances to customers grew from €468.4 million to €499.6 million. Other key assets include €261.0 million in debt investments and €194.6 million in balances held with Central Banks and other financial institutions.
The Bank also maintained a strong regulatory position. Its Liquidity Coverage Ratio stood at 1338.09%, while its Total Capital Ratio reached 17.83%, well above the required minimum of 16.93%. The Bank’s CET1 ratio closed the year at 15.26%, exceeding the 13.81% regulatory requirement.
Additionally, in 2024, Multitude Bank distributed €35.0 million in dividends to shareholders and received €42.0 million in capital contributions from its ultimate parent company.
Since its inception in 2012, Multitude Bank has steadily expanded its footprint across more than 16 EEA countries, primarily through its consumer lending and deposit products. In recent years, it has diversified into wholesale banking services, including secured debt financing and integrated payment solutions.
Earlier this year, the digital bank announced the launch of its new digital deposit services for customers in Malta, expanding its product portfolio with the introduction of Savings Accounts and Fixed Term Deposits, both covered by the Maltese Depositor Compensation Scheme.
The audited financial statements are available for public viewing on the Bank’s website here.
Disclaimer: Multitude Bank p.l.c. is a public limited company, registered under the laws of Malta with number C56251, with its registered address at ST Business Centre 120, The Strand, Gzira, GZR 1027, Malta. Multitude Bank p.l.c. is licensed as a credit institution by the Malta Financial Services Authority.