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p>Challenger bank and commercial lender Metro Bank has recorded record growth for the third quarter, exemplifying their monumental growth within the industry.
According to an official report from the Bank, Metro Bank has announced that total deposits have broken the £1 billion barrier to £1,075 billion – an increase of £205 million.
Primarily, the bank has set its sights on becoming a lynchpin of the lending industry, with commercial loans growing almost £200 million to £565 million, a 370 per cent increase on figures released the same time last year.
The challenger bank also recorded a 75 per cent increase in customer account numbers, across business and personal customers, with the total number now having grown to 238,000.
As a result of its growth initiatives and substantial investment in people, culture, facilities and premises, Metro Bank incurred a planned operating loss of £11.5 million after tax for the third quarter.
Store expansion across London and the South East remains strong, with 20 stores currently open to customers and six under construction. The bank’s 21st store will open on 25 October in Kingston upon Thames and will be followed by three more stores before the end of 2013: Cheapside (City of London), Windsor and Edgware. This will bring the total number of stores to 24 and represents a 60 per cent increase in the number of stores over 2013, with three stores already planned to open in Q1 2014.
The bank strengthened its offering for small and medium sized businesses in the quarter through the acquisition of SME Invoice Finance. The acquisition enhanced the total lending package for small and medium sized enterprises, giving the bank the capability to offer invoice finance, factoring and asset finance to existing and future customers.
Commenting on the news, Craig Donaldson, Chief Executive Officer, Metro Bank, said: “Quarter three has been record breaking for us. Deposits and lending have grown substantially, and customers continue to join us in their thousands. We’re providing business and personal customers with a real alternative on the high street; bringing them traditional banking focused on impeccable customer service, convenience and relationships, supported by state of the art technology.
“We’re continuing to invest to give our customers what we know they want, and store expansion remains central to this. We’re delighted to be growing our presence across so many new communities at a time when the British public is demanding a refreshing choice for banking on the high street. Our thanks, as always, goes to our customers who continue to show their support as we revolutionise banking.”
Challenger bank and commercial lender Metro Bank has recorded record growth for the third quarter, exemplifying their monumental growth within the industry.
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