Starling Bank said profit fell after it booked a provision tied to some Covid-era loans and a money laundering fine from regulators, underscoring a challenging year for the firm’s new chief executive officer.
The bank recognized a £28.2 million ($38 million) provision in the 12 months ending in March after it voluntarily removed the government guarantee on a limited number of loans it had issued under the UK’s Bounce Back Loan Scheme, according to a statement on Wednesday.
During the pandemic, the Bounce Back Loan Scheme enabled banks to lend around £47 billion to smaller businesses with a 100% state ...
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