OakNorth, a UK bank focused on lending to small and medium-sized businesses, has reported an increase in pre-tax profits in 2025, reaching £223 million compared to £215 million the previous year. This result was driven in particular by growth in the US market.

Net-Zero Target Delayed

Despite the positive financial results, OakNorth has announced a ten-year delay in its net-zero emissions target. The bank now aims to reach this milestone in 2045, instead of 2035 as previously set in 2022. Reasons cited include expansion into new geographies, changing regulatory expectations, and changes to the environmental targets of its suppliers. The institution stated that the new deadline will ensure that its actions remain "realistic and accountable."

Expansion in the United States

In 2025, OakNorth extended £1.7 billion in new loan facilities, half of which went to commercial firms. In the US, a market it entered in 2023, new loan facilities hit $1.4 billion, more than tripling from $0.4 billion in 2024. Last year, OakNorth made its first US acquisition, acquiring a Michigan-based bank serving retail and business customers.