London, 29 July 2013: Metro Bank, the revolution in British banking, announces its half year results as it reaches its third anniversary. In its first three years:
- Customer account numbers have grown to more than 200,000, an increase of more than 50% to date since the beginning of 2013
- From a standing start, deposits have grown to £870 million to 30 June, growth of more than 50% in the first half of 2013
- Lending is a primary focus: total loans including commercial loans having grown to £366 million to 30 June, more than doubling since the start of the 2013
Serving the Greater London market, Metro Bank currently has 19 stores with at least five more to open in 2013, including: Staines, Kingston, Cheapside (the City), Edgware and Milton Keynes. Store expansion continues to be a core part of Metro Bank’s strategy, and four new locations have already opened in H1 2013. The stores, located in Sutton, Guildford, Slough and Ealing, all enjoyed strong openings, and the Slough store, the site for Metro Bank’s first drive-thru banking lanes, broke account opening records in its first weekend of trading with more than 1,000 accounts.
People remain at the heart of the Metro Bank offering, and in three years it has created 850 plus jobs throughout greater London, and is actively recruiting. The bank is on track to have more than 1,000 colleagues by the end of 2013.
Building a major new business from scratch requires substantial investment in people, culture, facilities and premises, and Metro Bank has raised over £250m in capital. As a result of its growth initiatives, Metro Bank incurred a planned operating loss of £19.4m for the first half of 2013.
Vernon Hill, Founder and Chairman, Metro Bank, commented: “Our thanks to the British public, both consumers and business, who have embraced our new model of banking focused on service and convenience. With more than 200,000 customer accounts, including 15,000 businesses, over our 19 stores, we’re delighted to be creating Metro Bank fans.”
Craig Donaldson, Chief Executive Officer, Metro Bank commented: “The British people have demanded a revolution in banking, including a focus on service, the end of stupid bank rules and ultimate convenience. Metro Bank is here to provide this choice.
“We’re committed to offering our customers the very best in service and convenience and have invested heavily to give our customers what we know they want. They’ve responded by continuing to join us in their thousands, and we really want to thank all our customers for their ongoing support. Given the strong start we’ve had in 2013, we’re on track to have a record breaking second half of the year and look forward to bringing the best in customer service to thousands more people and businesses.”