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Annual Results

Metro Bank narrows underlying FY pretax loss

22 February 2017 07:45

Metro Bank has narrowed its underlying FY pretax loss to £11.7m, from a year-earlier loss of £46.6m.

This was achieved on total revenue of £195.1m, from £120.2m.

Its statutory loss after tax was £16.8m, from a loss of £49.2m.

"We continue to show significant growth across lending, deposits and customer account numbers with continued integration of technology across all our channels," said CEO Craig Donaldson.

"The year saw continued major investment in technology, stores and colleague training -- about £100m in total -- helping us to achieve a 62% full year increase in revenue and our second successive quarter of profitability."

Metro bank reported asset growth up 64% on the year to £10.1bn, with deposit growth up a record 56% to £7.95bn and lending growth up a record 66% to £5.87bn.

Its loan-to-deposit ratio increased to 74%, while its Common Equity Tier 1 capital ratio was at 18.1%.

Story provided by StockMarketWire.com

Related Company: MTRO

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