Metro Bank deposits up 118%

Lending to business and personal customers more than doubled over 2014, reaching £1,597 million at the end of Q4, an increase of 112% year on year.

Deposits from business customers represented 64% of total deposits, and lending to businesses made up 45% of total lending. Customer accounts also increased to 447,000; year on year growth of 63%.

Total assets were £3,667 million, up from £1,892 million at 31 December 2013; an increase of 94% year on year.

Loss after tax in Q4 stood at £8.9 million, which the bank say reflects their continued investment in people, infrastructure and technology. This represents the sixth consecutive quarter of declining losses for Metro Bank, and compares to a loss of £9.4 million after tax in the third quarter.

Craig Donaldson, Chief Executive, Metro Bank commented:

“2014 was another great year for Metro Bank. Throughout the year we saw substantial growth in deposits and lending, and the number of personal and business customers joining the banking revolution has continued to increase. As we start a new year, we’re excited to continue innovating and providing a real banking choice to the British people, as well as maintaining our commitment to deliver the best in service and convenience.”