Metrobank customer numbers surge as switching made easier

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."

The bank has expanded across London and the South East with 20 stores currently available to customers and six under construction. Metrobank was founded by Vernon Hill in 2010 and is the first high street bank to be granted a licence in 150 years.