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Metro Bank reports first annual profit

21st Feb 18 10:06 am

Number of customers increased

2017 Full Year Highlights:

  • Record Deposit growth of £3.7bn
  • Net deposit growth per store per month of £6.3m ($8.6m); £76m ($103m) growth a year.
  • Record Lending growth of £3.8bn
  • Record underlying profit before tax of £20.8m, compared to underlying loss before tax of £11.7m in 2016
  • Underlying earnings per share 18.8p vs. 14.7p loss per share in 2016
  • Record Asset growth of £6.3bn, up 63 per cent year-on-year to £16.4bn
  • Record 302,000 increase in customer accounts to a total of 1,217,000

Metro Bank reported its first annual profit today, driven by strong growth in residential mortgages and commercial lending.

The British challenger bank, which listed on the London Stock Exchange in 2016, reported pre-tax profits of £18.7m for the year to December 31, compared with a loss of £17.1m a year earlier.

Metro Bank added that its underlying profit before tax was £20.8m in the year ending December 2017.

Metro Bank chief executive Craig Donaldson said 2017 was a “fantastic year” for the lender, adding: “We’ve reported our first full year of profitability, had continued exceptional growth in both deposits (47%) and lending (64%), and have the privilege now of looking after over one million customer accounts.”

The high street lender is planning to open 12 stores in 2018.

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