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Good figures for challenger

Metro Bank debuts with strong start

Metro BankOne of Britain’s challenger banks has reported a solid start to life as a listed company with record growth in deposits and loans.

Metro Bank said deposits were up £790 million in the first three months of the year, loans rose £586m and it signed up a record number of accounts as 62,000 customers joined.

Craig Donaldson, chief executive, said: “We have had a strong opening quarter in 2016. I am particularly pleased with the momentum and quality of our lending; net lending increased by 125% per cent year on year to £4.1 billion driven by strong growth in both residential mortgages and commercial lending.

“Total deposits increased 75% year-on-year to £5,898m with deposits coming from a diversified mix of both businesses and retail customers.

“We continue to move towards profitability with revenue up 60% year-on-year and the underlying quarterly loss after tax down to £7.9m (compared to £10.2m in the final quarter of 2015); an improvement of 23% quarter-on-quarter.”

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