Metro Bank edges closer to turning a profit

 
Tim Wallace
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CHALLENGER bank Metro moved closer to the black in the first quarter, yesterday reporting its loan book is approaching the £1bn mark.

The high street bank lost £10.6m after taxes in the three-month period, just down on the £10.8m it lost in the final quarter of 2013.

Customer deposits at the bank grew by £301m in the first quarter, a level of growth four-times as fast as that seen a year ago.

Total deposits at Metro now stand at £1.62bn.

Over the same period loans increased by £205m to a total of £960m.

The quarterly rise in lending was almost four times as large as the increase seen in the same period of 2013.

“We’re extremely proud of our continued growth in lending, deposits and customer numbers as we approach our fourth anniversary,” said chief executive Craig Donaldson.

“We are thankful as always to our personal and business banking customers, who continue to show their support as we revolutionise banking in communities across London and the south east.”