The first half of 2026 marks another important milestone in our journey. Building on the momentum established in the second half of 2025, we’ve delivered the strongest 12 months of performance since listing, demonstrating that our strategy is working and the business is firmly back in growth.
During the period, we achieved strong year-on-year income and profit growth:
- Total income up by 31% (Total Income (excluding Net Interest Income) up by 48%)
- EBITDA up at 82% in high double-digits
- Adjusted Profit after tax up 152% with a CET1 ratio of 21.7%
These results reflect the resilience of our business model and our ability to perform through changing market conditions.
As client demand has continued to grow and our markets have expanded, we’ve delivered income growth and operating leverage in line with our expectations. The progress we’ve made is a clear indication that the strategic choices we’ve made over recent years are creating a stronger, more resilient and more diversified business.
Our growth continues to be driven by three strategic priorities: scaling the business, expanding our product offering and investing in technology.
We’re extending our global reach by opening new offices, strengthening our correspondent banking network and deepening relationships with central banks across our markets. These investments are helping us serve clients more effectively while creating new opportunities for future growth.
Innovation also remains a key differentiator. We’re bringing new products to market that are designed around our clients’ evolving needs, including a partnership with BVNK to help launch our off-ramp stablecoin proposition, pending receiving our licence extension in Abu Dhabi.
Technology underpins everything we do. We’re modernising our core banking platform to create a more resilient, scalable infrastructure while embedding AI across the business to improve efficiency, simplify the client experience and support future growth. The progress we’ve made reinforces our confidence that we have the right strategy and the right foundations for continued success.
One significant milestone this half is the announcement of our inaugural interim dividend of 2.1 pence per share and the commencement of our progressive dividend policy. This reflects the strength of our capital-generative business model and our confidence in the future. It’s an important step that demonstrates we can continue investing for growth while also returning capital to shareholders, supporting the medium-term guidance we’ve set.
Neeraj Kapur, our CEO, commented:
“Our results reflect the strength of the client relationships we continue to build across our markets and the deepening reach of our platform across the Global South. This growth reflects the underlying quality of the business we are winning with clients, supported by favourable trading conditions in the first half. Total Income excluding Net Interest Income grew 48% and, combined with the operating leverage in our model, translated into 157% growth in Adjusted EPS year-on-year.
“Our performance gives us the confidence to announce our new capital management framework and the declaration of our inaugural interim dividend. There is a lot to be excited about as we head into the second half of 2026: a growing pipeline of client activity, our emerging-markets network deepening, and good progress on our stablecoin strategy. Macroeconomic volatility remains elevated, but CAB Payments is stronger and more purposeful than ever, and our focus remains on delivering for our clients and shareholders.”
