The specialist lender revealed that it had doubled its loan book to over £200m following the Brexit vote and has closed over £100m in debt finance deals since the EU referendum.

OakNorth is one of six new banks since 2010 that have been built from the ground-up.

The bank is now looking to capitalise on these results by bringing several new retail products to market to add to its existing offering of fixed-term accounts ranging from 12-30 months with the first set to launch in the next quarter.

Rishi Khosla, CEO and co-founder of OakNorth, said that these results were a significant achievement for the 12-month-old bank.

“Achieving profitability is something that some of our larger competitors – both those that are completely new like us, and those that have been borne out of existing businesses – have yet to achieve.

“It is testament to our lending and deposit-taking capabilities, as well as the fantastic work that has been carried out by our team.”

In August, OakNorth revealed to Bridging & Commercial that it had funded almost £50m worth of deals post-Brexit as it took advantage of some larger banks withdrawing from the SME-lending market.

“With or without Brexit we are strong believers in the UK entrepreneur,” Rishi added.

“We have a unique opportunity to prove our commitment to our country’s entrepreneurs and growth businesses at a time when many other banks are retrenching.”

OakNorth was granted its full FCA authorisation in September last year and secured £66m worth of investment from India’s largest non-bank SME lender in November 2015.