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Interim Results

Metro Bank swings to Q3 underlying pretax profit

26 October 2016 07:27

Metro Bank has swung to a Q3 underlying pretax profit of £0.6m, from a year-earlier loss of £3.4m.

Net interest margin was 1.95%, versus 1.93%. Assets totalled £9.0bn, from £8.4bn. Loans totalled £5.2bn, from £4.6bn.

Metro's deposits amounted to £7.3m, from £6.6m.

Its loan-to-deposit ratio was 71%, from 70%.

Revenue improved to £53.4m, from $69.4m.

CEO Craig Donaldson said:

"I am delighted to announce another strong quarter, with substantial growth across lending, deposits and customer accounts as well as the bank reporting its first quarterly underlying profit.

"We continue to show strong deposit growth even as the cost of our deposits falls. This clearly demonstrates that our offering of high-impact, convenient high street stores, UK based contact centres and easy to use online and mobile services is persuasive for retail, business and private customers.

"We continue to expand the business to generate long-term, sustainable growth, with revenue up 78% year-on-year and an underlying quarterly profit before tax for the first time of £0.6m.

"As we move into underlying profit our customer-focused culture and commitment to providing a superior banking experience remain at the very forefront of our offering, and we look forward to welcoming even more retail, business and private banking customers to the banking revolution."

Story provided by StockMarketWire.com

Related Company: MTRO

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