Metro Bank mortgage lending up 77%

Total lending rose 73% year-on-year to £5,193m, with residential mortgages totalling £3,202m - up 12% on Q2 and 77% year-on-year.

Metro Bank's total revenue is up 78% year-on-year to £53.4m and has seen a record 68,000 increase in customer accounts to a total of 848,000.

Craig Donaldson, Chief Executive Officer at Metro Bank, said: "I am delighted to announce another strong quarter, with substantial growth across lending, deposits and customer accounts as well as the bank reporting its first quarterly underlying profit. We continue to show strong deposit growth even as the cost of our deposits falls. This clearly demonstrates that our offering of high-impact, convenient high street stores, UK based contact centres and easy to use online and mobile services is persuasive for retail, business and private customers.
 
"We continue to expand the business to generate long-term, sustainable growth, with revenue up 78% year-on-year and an underlying quarterly profit before tax for the first time of £0.6m. As we move into underlying profit our customer-focused culture and commitment to providing a superior banking experience remain at the very forefront of our offering, and we look forward to welcoming even more retail, business and private banking customers to the banking revolution."
 
Vernon Hill, Chairman and Founder at Metro Bank, added: "Metro Bank is the revolution in British banking and, as we go from strength to strength, we continue to create 'Fans not Customers'. Our relentless focus on customer service and convenience has helped us to achieve so much in such a short period of time. Our thanks, as ever, must go to our colleagues, our investors and our Fans, who continue to show their support."