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Monzo Makes First Profit Even as Credit Loss Provisions Soar

Monzo Bank Ltd. reported its first annual profit after more than doubling its revenue last year, though it made provisions for bad loans worth more than a tenth of its lending book. The British mobile bank posted a pretax profit of £15.4 million ($19.6 million) for the 13 months through March compared to £116 million loss a year earlier, with revenue jumping to £880 million....

Read more at bloomberg.com

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