Metro Bank reports continued growth
Metro Bank reports continued growth in Lending, Deposits, and Customer Accounts and is named Best Bank for Customer Service: Strategic Evolution Announced to Optimise Balance of Growth, Profitability and Capital Efficiency
2018 full year highlights
– Record deposit growth of £4.0b; up 34% year-on-year to £15.7b.
– Net deposit growth per store per month of £5.9m ($7.5m); £70.8m ($90m) growth a year.
– Record lending growth of £4.6b; up 48% year-on-year to £14.2b. Loan to deposit ratio 91%.
– Strong asset quality maintained, with cost of risk improving to 0.07% from 0.11% in 2017.
– Underlying profit before tax at £50.0m ($63.5m); up 140% year-on-year from £20.8m ($26.4m).
– Statutory profit before tax at £40.6m, up 117% from £18.7m.
– Underlying earnings per share 39.4p vs. 18.8p in 2017; up 110% year-on-year.
– Record increase in customer accounts of 403,000 to 1,620,000.
Vernon Hill, chairman and founder at Metro Bank, said:
“Metro Bank’s model continues to disrupt the status quo in British Banking. Over the past twelve months we’ve seen record lending, record deposits and over 400,000 new customer accounts, leading to a 140% increase in underlying profit before tax. We’ve also out performed every big high street bank for overall service in the recent CMA survey. Last week’s top award of £120m for SMEs is indicative of what a great customer proposition can achieve. Whilst the external environment is not without its challenges, we will make continued progress by bringing a better service and greater convenience to thousands of customers and businesses every day, and the strategic steps and planned equity raise that we have announced today will help support our future growth.”