Metro Bank has increased its loans by 110% in the first half of 2016 compared to the same point in 2015, according to the bank’s trading update.
The bank gave loans worth £4.6bn (€5.5bn) in the six months to 30 June, more than double the £2.2bn (€2.6bn) recorded the previous year. Loans were up 12% from Q1 2016.
Total revenue for Metro Bank also increased, rising 63% to £46.3m compared to the previous year. Compared to Q1 2016, total revenue was up 23%.
Non-performing loans made up 0.12% of the portfolio, and the loan loss reserve was 146% of these at 30 June 2016.
The bank has maintained capital ratios above the regulatory requirements, with common equity tier 1 capital (CET1) at 21% of risk-weighted assets, 13% above the regulatory leverage ratio.
Craig Donaldson, chief executive officer, Metro Bank said: “We have had an excellent Q2 and first half of 2016, generating substantial growth in deposits and lending; joining the FTSE-250; and continuing to move towards profitability.”
Metro Bank saw higher revenues, reporting a 63% YoY increase in revenue to £46.3m (€55.3m). Losses fell by 45% YoY and 48% from Q1 2016, to £4.1m (€4.9m) underlying after tax.
Vernon Hill, chairman and founder, Metro Bank, added: “As we celebrate our 6th anniversary, we would like to thank all our customers, colleagues, and investors who have supported us in our mission to develop Metro Bank into a major banking force in the UK.”
