26th Oct 2016 06:45
LONDON (Alliance News) - Mid-cap lender Metro Bank PLC on Wednesday reported growth in deposits and lending activity in the third quarter of 2016 and said it made its first underlying quarterly profit.
Metro Bank said deposits on its books rose 66% year-on-year to GBP7.30 billion at the end of September, while lending activity increased 73% to GBP5.19 billion. Revenue in the quarter to September 30 was GBP53.4 million, up 78% year-on-year.
Metro Bank said it now has 848,000 customer accounts, up 68,000 year-on-year.
The challenger bank added that its underlying pretax profit in the quarter was GBP600,000, the first time it has turned a quarterly profit on an underlying basis. The underlying numbers exclude one-off costs, the Financial Services Compensation Scheme levy, and any impairment charges. In the quarter to the end of June, Metro Bank made an underlying pretax loss of GBP3.4 million.
"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," said Craig Donaldson, Metro Bank's chief executive.
"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," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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