Black Banx today announced a record full-year 2024 profit before tax of USD $3.6 billion, surpassing its revised forecast of $3.2 billion and marking a significant increase from $2.4 billion originally projected for the year. For the fourth quarter of 2024, Black Banx posted a profit before tax of $1.3 billion, driven by strong revenue growth, increased client acquisition, and enhanced operational efficiency based on the implementation of artificial intelligence.
2024 Financial Performance Highlights
- Annual revenue: $11.1 billion (up from the previous forecast of $10.8 billion)
- Pre-tax profit: $3.6 billion (compared to $2.3 billion for the first nine months)
- Q4 2024 pre-tax profit: $1.3 billion
- Cost/income ratio: Improved to 68%, reflecting disciplined cost management and implementation of artificial intelligence
- Customer base: Expanded to 69 million customers as of December 2024
- Workforce: Grew to over 8,500 employees globally
CEO Michael Gastauer commented: “2024 was a landmark year for Black Banx. We have not only exceeded our financial expectations but have also reinforced our position as a leader in digital banking. The sustained revenue momentum, combined with strategic investments in artificial intelligence, has yielded exceptional results. We remain committed to delivering shareholder value while continuing to innovate in financial services.”
CFO Daniel Dumitrascu added: “With USD 3.6 billion in pre-tax profit and a stronger-than-expected revenue performance, we are entering 2025 with a solid foundation. Our focus remains on expanding our market reach, improving cost efficiency, and increasing shareholder returns. Based on our financial strength, we aim to distribute USD 2.90 per share to our shareholders for 2024.”
Strategic Outlook for 2025
Building on its success, Black Banx aims to:
- Expand its customer base beyond 100 million users by year-end 2025
- Enhance its global payments infrastructure with new market entries
- Increase operational efficiencies to further reduce the cost/income ratio
- Strengthen its presence in key fintech markets and digital asset banking
About Black Banx
Black Banx Group is a leading global fintech, serving over 65 million customers across 180+ countries. With a workforce of 8,500+ employees, the company offers innovative digital banking solutions to individuals, institutions, and businesses worldwide. Black Banx is committed to financial inclusion, security, and seamless digital transactions. For more information, visit https://www.blackbanx.com.
Black Banx Group is a leading global fintech, serving over 65 million customers across 180+ countries. With a workforce of 8,500+ employees, the company offers innovative digital banking solutions to individuals, institutions, and businesses worldwide. Black Banx is committed to financial inclusion, security, and seamless digital transactions. For more information, visit https://www.blackbanx.com.
