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February 23, 2017updated 12 Apr 2017 3:43pm

Metro Bank: Lending up 66% to £5.9bn

Metro Bank’s lending rose 66% year on year in 2016 to reach £5.9bn (€6.9bn), increasing its loan to deposit ratio to 74%, according to its provisional full year results for 2016.

By Saad Ahmed

Metro Bank’s lending rose 66% year on year in 2016 to reach £5.9bn (€6.9bn), increasing its loan to deposit ratio to 74%, according to its provisional full year results for 2016.

Deposits also increased, rising 56% year on year to £7.95bn for Metro Bank.

Metro Bank’s revenue increased 62% year on year in 2016, rising to £195m, for underlying loss before tax of £11.7m, down from £46.6m in 2015.

In the fourth quarter of 2016, total revenue was £57.6m, increasing from £34.3m over the same period in 2015. Underlying profit before tax was £1.5m, and the net interest margin rose slightly year on year to 2.03%.

Craig Donaldson, chief executive officer at Metro Bank said: “It’s been another great quarter and I’m delighted with our full-year performance.

“We continue to show significant growth across lending, deposits and customer account numbers with continue integration of technology.”

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