BNI Europa (“BNI Europa”), grew its total assets 36.7% reaching almost €500m (£447.51m) in June this year.

Total revenue grew 146.2% reaching €6.6m and the net profit was €2.7m allowing the bank to recover losses from 2016.

A year and half after its opening and with a new management team, the bank said it decided to change its strategy and focus on ‘innovative products’.

BNI Europa said it had been known for its customer-centric digital platform and its deposit accounts. This year it launched a reverse mortgage product for the senior consumer segment and the digital consumer credit platform focused on independent workers.

The bank said it had also specialised in the management of alternative lending.

BNI Europa has established twelve partnerships with European fintechs providing funding and credit to Banco BNI Europa across several European countries. Those credit products include consumer loans, student lending, SME medium term lending, SME revolving credit, invoice discounting and bridge lending.

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Pedro Pinto Coelho, BNI Europa Executive Chairman said: “It has been a great achievement by the team to be able to reach profitability in such a short period of time. BNI Europa is a living proof that banks are better off by opening its platform and embrace innovation rather than trying to build everything from within.”

The bank will continue its focus on innovation and fintech partnerships and plans to launch four new products until year end on the consumer credit and SME credit space.