Metro Bank has reported its results for the second quarter of 2014.
Total deposits grew to £1,956 million, up from £1,616 million at the beginning of the quarter; this represents quarterly growth for Metro Bank of 21%, and annual growth of 125%.
Deposits from business customers represent over 50% of total deposits at the end of Q2.
Lending increased to £1,157 million, up from £960 million at the start of the quarter; an increase of £197 million or 21% in the quarter, and 216% year on year.
Metro Bank said lending to business customers remains a key focus, with loans to commercial customers representing almost half of total lending in Q2.
Total assets were £2,821 million at the end of Q2, up from £2,439 million at the start of the quarter; an increase of 16% in the quarter and 146% year on year.
Customer account numbers increased to 359,000; year on year growth of 78%.
The loss after tax continues to decline quarter on quarter, with a loss of £9.9 million after tax in Q2. This compares to a loss of £10.6 million after tax in the first quarter and reflects the bank’s continued investment in people, infrastructure and technology, it claimed.
Metro Bank now has 27 stores open, with a further six under construction. Stores including Wood Green, Basildon, Orpington, St Albans and Cambridge, are due to open later this year.
Craig Donaldson, chief executive of Metro Bank, said: “Four years on from launch, we’re truly thankful to the thousands of people and businesses who have showed their support by joining the banking revolution. Strong growth in lending and deposits continues to demonstrate that the British people need and want a choice about where they do their banking, and we’re here to provide that.
“Our results today also demonstrate our continued commitment to small businesses; a segment of the market that is traditionally underserved.
“We’re offering our customers the best in service and convenience through every channel, whether that’s online, in store, by mobile or over the phone, and we’re constantly innovating to ensure we’re listening to our customers’ feedback.
“We’re excited to continue on this growth path and look forward to bringing a real choice to many more personal and business communities across London and the South East.”
