Margins and customers are growing, but development investments continue to weigh on the accounts of N26, which closed 2021 with an increase in net loss.
The total gross revenues of the German neobank, also present in Italy, increased by 50.3% to 182.4 million euros, but at the same time the net result for the year gave rise to a loss of 172.4 million euros, up 14.4% on the previous year.
The year at the end of 2021, still focused on the scalability of the platform and the strengthening of systems and organizational structures, was characterized by a significant growth in the interest margin (+ 100.7%) and in the commission margin (+ 57% ) for a total margin increased by 66% to 120.3 million euros.
Also in 2021 N26 continued to focus on increasing the number of daily transactions on current accounts by its customer base and on strengthening its position as a digital bank on the main European markets.
The strategy led to increased deposits and increased customer loyalty while further investments made in product development and expansion of the subscription offering helped drive the bank’s revenue and customer growth. But they were also reflected in the increase in costs (+ 31% to 269.8 million).