Metro Bank reports profits boost as it approaches one million customers

Metro Bank has reported 33 per cent quarterly growth in underlying profit and a record £1.1 billion increase in new deposits as it approaches the one million customer mark.

The challenger bank, which was launched in 2010, opened 72,000 new customer accounts in the first quarter of the year to bring its total to 987,000 overall.

The quarter marked the first time deposit growth exceeded £1 billion, with the total hitting £9 billion, while its underlying profit before tax increased to £2 million.

Meanwhile, the bank reported that its lending increased by 11 per cent to £6.5 billion.

“This is another great quarter for Metro Bank, and the results are a testament to the strength of the model and our focus on the integration of stores and technology to create FANS,” said Craig Donaldson, Metro Bank’s chief executive officer.

“We continue to grow the business, and remain on track to open a further ten stores before the year end. Our business continues to deliver across all areas – retail, business, commercial and private – and our model, culture and focus on creating FANS remains a compelling alternative for consumers and businesses alike.”

Metro Bank prides itself on offering a customer experience set apart from other high street banks – for example, it offers dog-friendly branches that are open seven days a week.

“What a superb start to the year for Metro Bank,” said Vernon Hill, its chairman and founder. “This quarter saw improved performance on every level, across every measure and best of all, we saw many more FANS opening accounts. Our combination of great online and mobile banking and an exceptional in-store experience is making a positive difference to our customers.

“Metro Bank remains a revolution in British banking, championing the right of every customer to receive service and convenience tailored to their needs.”

For more on the Q1 figures, see the Metro Bank website.

Photo © Liline sur Flickr (CC BY 2.0). Cropped.