Monzo has revealed surging annual profits as the digital bank attracted new customers and grew income from its paid subscription plans.

The company reported a pre-tax profit of £60.5 million for the year to the end of March – more than four-fold the £13.9 million generated the prior year.

Last year, Monzo’s employees sold £109 million worth of shares as part of a staff share sale that saw the bank’s valuation rise to £4.5 billion.

Excluding the financial impact of the sale – which cost the group about £53 million in expenses – its pre-tax profit surged eight-fold to £113.9 million.

The bank, which was founded a decade ago, cheered its first annual profit last year having grown to become the UK’s seventh-largest bank with more than 12 million customers.

It has reportedly been working

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