20th Apr 2016 06:49
LONDON (Alliance News) - Metro Bank PLC on Wednesday said it saw record deposit growth, a strong organic lending performance and growth in customer accounts in the first quarter, its first trading update since floating in London in early March.
Metro Bank - the largest IPO in the London market so far this year by market capitalisation, at GBP1.60 billion - said its underlying loss after tax for the quarter to the end of March was GBP7.9 million, an improvement on the GBP8.5 million loss a year earlier, but this excludes costs related to its London Main Market listing. Including those one-off costs, Metro Bank's loss after tax in the first quarter was GBP11.1 million.
But revenue for Metro Bank grew to GBP37.7 million in the quarter, up 60% year-on-year and 11% from the fourth quarter of 2015.
Total deposits on its books grew 75% year-on-year in the quarter, up to GBP5.90 billion, while its loan book more than doubled to GBP4.13 billion. Metro said its total assets at the end of March sat at GBP7.39 billion, up from GBP4.24 billion a year earlier, a 74% rise.
"We have had a strong opening quarter in 2016," said Metro Bank Chief Executive Craig Donaldson, who added the group is continuing to move towards profitability.
By Sam Unsted; [email protected]; @SamUAtAlliance
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