Metro Bank sees dramatic year on year increases in lending and deposits, as customers flock to the revolutionary high street bank
- Year on year deposit growth up 279% to the end of 2012
- Lending up 300% in 2012 on the previous year
- Customer accounts grew by 183% year on year, with numbers increasing by a further 25% in Q1 2013
- Bank extends footprint outside London, opening stores including Romford, Reading and Guildford
Metro Bank has continued its rapid growth of customer deposits and lending throughout 2012, with customer deposits at £576 million to 31st December.
|Key Performance Indicator||Actual 2012||Actual 2011||Actual 2010|
|Annual Growth Rate||183%||433%|
|Annual Growth Rate||300%||NA|
|Annual Growth Rate||279%||744%|
Now, nearly three years on from its launch in July 2010, the bank’s growth shows no signs of slowing. Just two months shy of its third birthday, the UK’s most revolutionary bank now has 17 stores across London and the South East, with its 18th store opening on Friday 3rd May. Metro Bank is now consistently opening over 10,000 new accounts a month, and since year end deposits have already increased by more than a third and lending to personal and SME customers has increased by over 50%.
Metro Bank’s core proposition centres on having stores in the most convenient locations open at the most convenient times, in order to offer customers the best service. Store expansion remains the cornerstone of its strategy, based on a rapid roll out of new sites in London and the South East; with numbers growing to 200 by 2020. As a result of this, in the year ending 31 December 2012 the bank had a planned and expected loss after tax of £34.6 million. This reflects significant investment across the business in building stores, infrastructure and systems to enable continued explosive growth and scale in the year to come.
In June 2012, Metro Bank raised a further £126 million growth capital from new and existing institutional and personal investors to directly support the bank’s rapid growth.
Metro Bank is also doing its part to support London and Londoners. Since its launch in 2010, it has created more than 750 jobs and is committed to hiring 150 apprentices in the next 3 years. Recognition of the bank among Londoners is continuing to grow at a fantastic pace, with 69% of working adults in London recognising the brand, according to a recent independent survey from YouGov. This is up from 56% in the previous six months.
Craig Donaldson, Chief Executive of Metro Bank, comments: “Both Metro Bank and its investors are very pleased with this set of strong results. The last 12 months have been an exciting period in Metro Bank’s growth and development. We’ve significantly expanded our reach throughout London and the surrounding areas, and as a result of a very successful round of fundraising, have been able to invest heavily in our network, technology and people. Our success can be measured through the volume of customers that are walking through our doors and joining the revolution. Given this overwhelming support, we’re on track to achieve our ambitious growth plans.
“Q1 2013 has also been record breaking for us. It’s been a record quarter for lending, deposit growth has been strong, and customer numbers are increasing at a level that exceeds our expectations. We owe our success to our customers and fans that have joined the banking revolution, and we’ll continue to put them first by combining simple, transparent and competitive products with the very best in service and convenience.”