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.
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.
“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.”
