Revolut posted losses for the calendar year of 2022 after recording its first full year of profit the previous year.
According to delayed results, the company posted a pre-tax loss of £25.4m versus a £39.8m profit in 2021. The profit of the previous year had been contributed largely by crypto trading.
Revolut’s 2022 financial results were originally due by September 30 this year, but the bank had its deadline extended for the second year running.
Group revenue grew to over £923m in 2022, up 45% from £638m in 2021.
Revenue from the neobank’s cards and interchange business increased by 105% in 2022 to £306m, whilst revenue from subscriptions increased by 48% in 2022 to £158m. On the back of higher interest rates, interest income was £83m versus £1.7m in 2021.
Publishing a clean set of 2022 financial results is central to Revolut’s licence approval process, which is ongoing and to be decided by the Bank of England's Prudential Regulation Authority (PRA), Sifted understands.
Revolut’s 2021 accounts came with a rare ‘qualified opinion’ from auditor BDO, which warned that it was unable to fully verify the bulk of Revolut’s revenues owing to inadequacies in the company’s internal IT systems.
In Friday’s release, BDO also gave a qualified opinion, but said that the 2021 accounts “matter has been resolved” and that the firm had been able to “obtain sufficient appropriate audit evidence” for 2021 figures.
“Our opinion is only modified because of the possible effect of this matter on the comparability of the current year’s figures for revenue and related balances and the prior year figures,” it said.
