Metrobank has reported record growth in its third-quarter financial statement. Customer account numbers have increased to 238,000, a rise of 75 per cent since the beginning of the year.
The bank also saw total deposits have risen to £1.075bn, an increase of 24 per cent in the quarter, and an annual increase of 157 per cent. Total loans including commercial loans having grown to £565m. This represents a record increase of £199 million or 54 per cent in the quarter, and a year on year increase of 370 per cent.
The bank attributed some of the growth to the government backed Current Account Switch Service, a service which allows customers to switch banks in seven working days.
Metrobank will incur an operating loss of £11.5m after tax fir the third quarter. The bank says this is due to investment in growth initiatives, facilities and premises.
Craig Donaldson, CEO, Metro Bank commented:
Quarter three has been record breaking for us. Deposits and lending have grown substantially, and customers continue to join us in their thousands. We’re providing business and personal customers with a real alternative on the high street; bringing them traditional banking focused on impeccable customer service, convenience and relationships, supported by state of the art technology."