Metro Bank doubles Q2 profits as trading plan raises £278m

In its H1 results, released today, the Bank also reported H1 pre-tax profits of £6m, compared to a loss of £13m in H1 2016.

Total lending rose 67% year-on-year to £7.8bn.

The Bank has also announced the sale of 8,020,000 new ordinary shares which represent 9.9% of the company's capital.

At a price of 3465 pence per share, the sale will raise approximately £277.9m.

Craig Donaldson, Chief Executive Officer at Metro Bank, said: "This has been another great half year for Metro Bank with extremely strong organic lending supported by a c£600m book purchase increasing our Loan to Deposit ratio to 79%. This, taken together with continued strong deposit growth at a reducing cost of deposits, have led to us doubling our profits quarter on quarter, from £2m to £4m, and reporting our fourth consecutive quarter of profitability."
 
Vernon Hill, Chairman and Founder at Metro Bank, added: "Almost seven years in and the Metro Bank story just gets better and better. Our ability to meet the banking needs of business, commercial and retail customers in and outside London is proving to be an attractive proposition for British consumers and businesses alike. In the last six months alone we have opened a further 130,000 accounts and more FANS are joining every day. The Metro Bank model is revolutionising British Banking and 2017 is shaping up to be a fantastic year for us."