Metro Bank lending up 91%

Loans to business customers represented almost half (45%) of total lending in Q1.

Total deposits grew to £3,375 million, up from £2,867 million at the start of the year; reflecting quarterly growth of 18%, and 109% growth year on year.

Total assets were £4,248 million, up from £3,664 million at the start of the quarter; an increase of 16% in the quarter and 74% year on year.

New stores in Cambridge, Brighton and Southend opened in Q1, taking the bank's total number of stores to 34. A further seven stores are planned for 2015, including Tunbridge Wells (due to open in May), and Harrow (planned to open in June).  

The loss after tax continues to decline quarter on quarter, with a loss of £8.5 million after tax in Q1. This compares to a loss of £10.6 million after tax in the same quarter last year, a year on year decrease of 20%, and an £8.9 million loss after tax in the final quarter of 2014.

Craig Donaldson, Chief Executive Officer, Metro Bank commented:

“We’re delighted that our first quarter results continue to show substantial growth across deposits, lending and customer accounts.

“We remain committed to offering the very best in service and convenience and have invested heavily to give our customers the ability to bank however, whenever and wherever they want. In response, we have continued to see thousands more personal and business customers join the banking revolution every week.”