Metro Bank’s shares soared this morning, after the London-listed lender announced it had returned to profit in September.
Investors piled into the stock, lifting shares a little over 10 per cent to 80.1p a piece.
“I am really pleased to see the business return to profit in September on both an underlying and statutory basis,” CEO Daniel Frumkin, said in a statement.
“This performance reflects our tight control of both costs and risk, close management of our deposit franchise and lending channels, and the supportive prevailing interest rate environment, all of which help build a balance sheet that delivers sufficient margin to cover costs.”
The CEO added that the bank remains “watchful” of current economic conditions.
Total deposits in the third quarter were “broadly flat” at £16.3bn, the company stated.
Meanwhile, net loans increased by four per cent to £12.8bn, carried by residential mortgages and consumer unsecured lending.