Financial Reports
ONE ZERO Bank Concludes Second Full Year of Operations with a 134% Increase in Revenue and a 25% Reduction in Losses
Alongside continued growth in accounts, the bank’s average annual revenue per account (ARPU) rose by 23% to 746 NIS. In Q4, ARPU grew (on an annualized basis) to 836 NIS
The bank has doubled its account opening rate in recent months, reaching over 130,000 customers as of the report date. In 2024
ONE ZERO also accounted for approximately 9% of the household deposit growth in Israel — significantly above its relative size in the banking system
Shuki Oren, Chairman of ONE ZERO Bank:
“The bank has established itself as a sustainable player and a competitive force in the local financial ecosystem. With strong growth and improvements across all parameters, it’s now clear that ONE ZERO is here to be a serious alternative to traditional banking.”
Eyal Gafni, CEO of ONE ZERO Bank:
“With continued customer growth and deepening activity, consistent revenue increase, and a sharp decline in expenses, the bank’s path to profitability is clear.”
Strong Operational Year: Growth, Efficiency, and Path to Profitability
ONE ZERO concludes its second full year of operation, marked by consistent customer growth, sharp and steady increases in quarterly revenue, operational efficiency improvements, and a significant decrese in losses — paving the way to profitability.
According to the 2024 Customer Satisfaction Survey published by the Bank of Israel, ONE ZERO ranked highest in satisfaction among self-employed and freelance professionals — with a significant lead over other banks.
In recent months, following the launch of an attractive securities trading package (domestic and international), the bank doubled its customer acquisition pace, along with continued growth in both total revenue and average revenue per customer. As of the report date, ONE ZERO has over 130,000 customers. Since the bank’s launch in summer 2022, one out of every three retail accounts opened in the banking system was opened at ONE ZERO.
Financial Highlights: 134% Revenue Growth, 25% Loss Reduction
In 2024, ONE ZERO’s revenues reached 55 million NIS — a 134% increase compared to 2023. Revenue continued to grow at a double-digit rate quarter over quarter.
Average annual revenue per account (ARPU) reached 746 NIS in 2024 — a 23% increase from 2023. In Q4, annualized ARPU rose to 836 NIS.
Excluding product development expenses, the cost to serve per account declined consistently due to automation and enhanced capabilities of the digital banker, “Ella.” Between 2023 and 2024, cost to serve dropped by 33%.
Customers who opened accounts in 2024 generated higher revenue in a shorter time and expanded their activity more quickly.
Despite strong customer growth, total expenses dropped by 15%, amounting to 323 million NIS in 2024. The bank completed the development of key services, including securities trading on both Israeli and U.S. stock exchanges, and continued upgrading “Ella” to become a financial advisor leveraging open banking tools.
The bank’s loss decreased by 25% in 2024, amounting to 268 million After the balance sheet date, the bank continues to grow revenue and reduce expenses consistently.
Loan Loss Expenses and Conservative Credit Management
Credit loss expenses totaled 18.8 million NIS in 2024 — similar to 2023, despite credit portfolio growth. Quarterly credit loss expenses are declining: from 6.2 million NIS in Q1 to 2 million NIS in Q4 — a 70% reduction — reflecting improved credit management. With more customers shifting their primary banking to ONE ZERO and financial data sharing via open banking, the bank is better positioned to provide personalized credit, further lowering credit loss ratios.
Balance sheet loans totaled 367 million NIS — a 43% increase over 2023. As in 2023, over 87% of customer deposits are held with the Bank of Israel, reflecting conservative management.
Customer Deposits and Market Share Gains
Customer deposits totaled 2.6 billion NIS by year-end 2024 — a 41% increase over 2023. The average deposit per account was ~50,000 NIS.
Bank of Israel data shows that between January–December 2024, household current account and deposit balances grew by 8.4 billion NIS. ONE ZERO accounted for 726 million NIS of that growth — 9% of total sector growth, significantly above its system share. This indicates ONE ZERO’s rising market share in deposit acquisition.
Chairman Shouky Oren:
“2024 was a year of war — the most difficult in Israel’s history. Amid national challenges, ONE ZERO proved itself a sustainable player and a true competitor in the financial ecosystem. With strong growth and consistent improvements, it’s now clear that the bank is a serious alternative to traditional banking. Our value proposition is sharp and our business model is fundamentally different from other banks. We are the only bank in Israel operating with a direct, transparent, and fair model. As a digital bank, we can scale operations while maintaining a lean cost structure — building a sustainable model that delivers clear value to the public.”
CEO Eyal Gafni:
“Against a complex geopolitical backdrop, our mission this year was to keep growing our customer base, deepen engagement, expand revenue sources, and optimize our cost structure — all while maintaining service quality and satisfaction. We achieved double-digit quarterly revenue growth, a 23% increase in ARPU, and cost reductions of ~60 million NIS, driven by our in-house technologies. Customer satisfaction remained high, as reflected in the Bank of Israel’s survey. With strong shareholder backing, the path to profitability is clear. 2025 began with strong momentum as customer acquisition rates doubled following the launch of our competitive trading package. This is just the beginning — we have a pipeline of competitive and innovative initiatives to serve the Israeli public, which is finally being fought over again.”
