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Trading statements

Metro Bank makes 'superb' start with Q1 2017

26 April 2017 07:25

Metro Bank said it has made a "superb" start with Q1 2017, with underlying pretax profit at £2.0m, from £1.5m in Q4 2016.

It said record deposit growth in the quarter beat £1bn for the first time.

Deposits were up 13% on the quarter to £9.0bn, while cost of deposits fell. There was a record 72,000 increase in customer accounts to 987,000.

"What a superb start to the year for Metro Bank," said chairman and founder Vernon Hill.

"This quarter saw improved performance on every level, across every measure and best of all, we saw many more FANS opening accounts."

At March 31, total assets were £11,624m, up from £10,057m at 31 December 2016 and £7,388m at 31 March 2016.

The loan-to-deposit ratio increased year-on-year to 72%, from 69% at March 31, 2016.

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Related Company: MTRO

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