Metro Bank opens 50th branch as pre-tax profits hit £4.7m

(qlmbusinessnews.com via telegraph.co.uk – – Wed, 25 Oct 2017) London, Uk – –

Profits at Metro Bank surged 135pc in the three months to September after the high street challenger opened its 50th branch.

The seven year-old bank’s pre-tax profits hit £4.7m, up from £2m in the previous quarter and a £416,000 loss in the same period last year.

“Metro Bank continues to win fans, attract deposits, lend to consumers and businesses, and generate profits that are re-invested for the benefit of our customers,” said chairman and founder Vernon Hill.

“We are the revolution in British banking, offering real choice to consumers and businesses.”

Unlike its major high street rivals, Metro Bank has been expanding its network of branches, which it calls stores, and opened its 50th last month in Peterborough. It plans to open a further 17 by the end of next year.

Metro Bank now holds 1.1m customer accounts, and deposits rose 47pc on last year to £10.7bn.

Chief executive Craig Donaldson said the challenger was on track to meet its pledge to lend £1bn to businesses by the end of the year.

The bank also announced the retirement of its chief finance officer Mike Brierly, who will leave in March 2018. Pending regulatory approval, he will be replaced by Sainsbury’s Bank CFO David Arden.

 By Jack Torrance