Craig Donaldson

Craig Donaldson of Metro Bank

Metro Bank reports record customer growth

The challenger bank saw pre-tax profits rise by 77% during the third quarter as new customer numbers soared.

Investing in the high street has certainly paid off for Metro Bank after openings in Swindon, Canterbury and Peterborough saw new customer numbers soar during the third quarter of the year.

The challenger bank recorded pre-tax profits of £7.2m for the third quarter, a 77% increase on quarter two - and the bank’s fifth consecutive quarter of underlying profitability.

Craig Donaldson, chief executive officer at Metro Bank, said: “In Q3 deposits and lending saw double digit growth, the cost of deposits reduced, and the loan to deposit ratio increased to 80% for the first time.

“We also welcomed a record 79,000 new business and personal customer accounts. All of which helped to deliver our fifth quarter of underlying profitability, and an underlying profit before tax of £7.2m, up 77% from the last quarter.

“We continued to support the SME sector, the backbone of British business, and are on track to meet our January pledge to lend £1bn of net lending to businesses during 2017.

“We also opened the doors of our 50th store, and by the end of the year our store network will extend further north, east and west, and we will have strengthened our Greater London presence.”

Vernon Hill, chairman and founder of Metro Bank, added: “Metro Bank continues to win FANS, attract deposits, lend to consumers and businesses, and generate profits that are re-invested for the benefit of our customers.

“We are the revolution in British banking, offering real choice to consumers and businesses. Our store model, combined with easy to use online and mobile banking services and UK based contact centres, show that consumers and businesses are crying out for a bank built around them.

“As we take the revolution to the high streets of Swindon, Canterbury and Peterborough, we are giving those urban communities and businesses a real alternative and a reason to love their bank at last.”