Metro Bank on track with sustainable growth in quarter results
Even though total deposits were down one per cent compared to the second quarter, in this year’s third quarter Metro Bank has managed to maintain a high-quality deposit mix, remaining on track with its sustainable growth plan.
Reflecting a growth in consumer unsecured lending and specialist mortgages, the bank’s net loans stationed at £12.3bn, while the year-on-year decrease in loan to deposit ration reflected the £3.1bn mortgage portfolio, which was completed in February 2021.
Commenting on the results, Metro Bank’s chief executive Daniel Frumkin said: “We have seen improvements in our lending mix from our expanded product offering and we remain focused on executing on our plans and returning the bank to sustainable profitable growth.”
While its MREL resources currently exceed the 20.5 per cent requirement, the bank argued that it’s comfortable to operate within buffers.