Metro Bank has increased lending by 73% year-on-year to £5.193bn (€5809.7bn), according to its Q3 trading update.
The bank’s loan to deposit ratio rose slightly to 71% at 30 September 2016, up 3% from the previous year, and 1% from the preceding quarter.
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According to the update, deposits increased 66% year-on-year to £7.3m, as customer accounts increased by 68,000 to 848,000 over the same period.
Metro Bank also reported underlying pre-tax profits of £0.6m for Q3 2016, up from a £3.4m loss in Q2 of this year. Revenues rose 78% to £53.4m
The net interest margin saw little movement, increasing to 1.95% from 1.93% from Q2 2016.
Craig Donaldson, chief executive officer at Metro Bank said: “I am delighted to announce another strong quarter, with substantial growth across lending, deposits, and consumer accounts, as well as the bank reporting its first quarterly underlying profit.
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By GlobalData“We continue to expand the business to generate long-term, sustainable growth…and we look forward to welcoming even more retail, business, and private banking customers.”
