- Total deposits rise to £3,791 million; year on year growth of 94%
- Total loans grow to £2,201 million; a year on year increase of 90%
- More than 49,000 customer accounts opened; a record quarterly increase of 10%
Metro Bank, the first new high street bank in more than 100 years, today reports its second quarter trading figures to 30 June 2015.
Craig Donaldson, Chief Executive Officer, Metro Bank commented: “Our second quarter results show record growth in lending, with total loans surpassing the £2 billion mark. We’re particularly proud to report that a significant amount of our lending goes towards supporting local businesses, while our mortgage lending has experienced significant demand.”
Vernon Hill, Founder and Chairman, Metro Bank commented: “As we celebrate our fifth anniversary we would like to extend our thanks to all of our Customers, colleagues and investors who have supported us in our mission to revolutionise British banking, and helped us to achieve unparalleled growth in assets, deposits, loans and most importantly ‘fans not customers’.”
Highlights for the second quarter ended 30th June 2015:
- Total deposits grew by £416 million to £3,791 million, up from £3,375 million reported at the end of the previous quarter, reflecting quarterly growth of 12% and 94% year on year
- Lending reached £2,201 million; a record single quarter increase of £371 million (20%) from £1,830 million reported during the first quarter, and 90% year on year
- Total assets grew to £4,567 million in the second quarter, up from £4,248 million during the first quarter; a quarterly increase of 8% and 62% year on year
- Lending to business customers remains a strong focus, accounting for 44% of total loans as at 30 June. Metro Bank’s Invoice Finance business recently announced the abolishment of termination fees on all new business together with the removal of value dating. Metro Bank also introduced a single fee small business offering to support the growth of SME's across the UK
- Capital ratios remain robust and well above regulatory requirements. Capital as a percentage of risk weighted assets (the standard measure of capital strength) is 19%. Leverage ratio (shareholders’ equity/ total assets) is 10%. Both remain well above UK competitor norms
- The number of customer accounts opened experienced record single quarter growth to 30 June 2015, increasing by 49,000 to reach 544,000; an increase of 10% on the first quarter and 51% year on year
- The loss after tax has declined for the eighth successive quarter to £8.0 million after tax, compared to a loss of £8.5 million after tax during the previous quarter, representing a quarterly decrease of 6%, and year on year decrease of 19%
- Metro Bank continued to invest in its store network over the quarter, with new stores opened in Tunbridge Wells and Harrow, taking the total number of stores to 36
- Metro Bank recently announced the appointment of an Advisory Board consisting of Vernon Hill, Chairman Metro Bank; Jamie Reuben, Principal Reuben Brothers and managing partner, Melbury Capital; Andrew B. Cohen, Managing Director, Cohen Private Ventures; Harrison LeFrak, Vice Chairman LeFrak Property; John Roddan, Founder JMS Realty; Amit Bhatia, Executive Chairman Hope Construction Materials; Jeff Dishner, Senior Management Director, Starwood Capital Group; Tom Smith, Founder, Prescott Investors; Denzyl Feigelson, Advisor to Apple; Jacopo Pessina, Director, M&A, Walgreens Boots Alliance and Craig Donaldson, CEO Metro Bank