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Metro Bank Quarter Three Financial Statement: Strong growth continues at revolutionary

21st October 2014
  • Deposits increase to £2,344 million; representing year on year growth of 118%
  • Total loans grow to £1,389 million, a year on year increase of 146%
  • Loans to business customers make up almost half of total lending
  • More than 406,000 customer accounts

Metro Bank, the revolutionary high street bank, today announces its quarter three financial statement to 30 September 2014.

Craig Donaldson, Chief Executive, Metro Bank commented: “We’re extremely proud of another quarter of strong growth in lending, deposits and customer numbers. As we enter the final quarter of 2014, we thank our personal and business customers for their ongoing support, and we look forward to bringing our customer focused proposition to more communities across London and the South East. The British people need a bank that puts their needs first and offers the best in service and convenience; they need choice on the high street, and we are here to provide that choice.”

Highlights for the third quarter ending 30 September 2014:

  • Total deposits grew to £2,344 million, up from £1,956 million at the beginning of the quarter; this represents quarterly growth for Metro Bank of 20%, and 12 month growth of 118%.
  • Deposits from business customers represent 60% of total deposits at the end of Q3.
  • Lending increased to £1,389 million, up from £1,157 million at the start of the quarter; an increase of 20% in the quarter and 146% year on year.
  • Lending to business customers remains a key focus, with loans to business customers representing almost half of total lending in Q3.
  • Total assets were £3,198 million, up from £2,821 million at the start of the quarter; an increase of 13% in the quarter and 140% year on year.
  • Capital ratios remain strong, with capital as a percentage of risk weighted assets (the standard measure of capital strength) at 29%. The accounting leverage ratio is 15%.
  • Customers continue to show their support, with customer accounts increasing to 406,000; year on year growth of 71%.
  • The loss after tax continues to decline quarter on quarter, with a loss of £9.4 million after tax in Q3. This compares to a loss of £9.9 million after tax in the second quarter and reflects the bank’s continued investment in people, infrastructure and technology.
  • We have 27 stores open, with a further six under construction. Store 28 – Wood Green – opens this Friday 24 October, with a further three to open before the end of the year.
  • Technology innovation remains central to the bank’s multi-channel philosophy, and it is constantly investing to improve customers’ banking experience. In Q3, Metro Bank launched its Mobile Banking App for personal customers, which allows customers to manage their banking through their smart phone. Alongside a whole host of convenient features, it provides customers with innovations like the ability to block and unblock their card via their phone. Free WiFi has also been installed across the bank’s stores to make customers’ banking experience even more convenient.
  • Metro Bank has also continued to invest in new initiatives that support its business customers. Central to this has been the launch of a new specialised Business Customer Service Centre, which customers can contact seven days a week, to help them with any day to day business banking requirements.