27th Jul 2016 06:59
LONDON (Alliance News) - High street lender Metro Bank PLC on Wednesday said it has continued to see strong growth in deposits and loans in the first half and said its underlying losses narrowed in the second quarter.
The FTSE 250-listed company said it had GBP8.35 billion in assets on its books at the end of June, up from GBP7.39 billion at the end of March and from GBP4.57 billion at the end of June 2015.
Loans at the end of June hit GBP4.63 billion, up 12% from the end of March, while deposits grew by the same percentage in the second quarter to GBP6.60 billion.
Total revenue for the second quarter rose to GBP46.3 million, up 63% year-on-year and up from GBP37.8 million in the first quarter.
This helped Metro's underlying post-tax loss, excluding costs related to its London listing earlier this year and its Financial Services Compensation Scheme levy, narrow to GBP4.1 million from GBP7.9 million in the first quarter.
Chief Executive Craig Donaldson said he was pleased with the "momentum and quality of our lending" in the second quarter and said the group is well-placed to deal with any Brexit-related uncertainty.
By Sam Unsted; [email protected]; @SamUAtAlliance
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