Metro Bank reveals £11.1m loss

Metro Bank reveals £11.1m loss

Metro Bank has revealed a statutory loss after tax of £11.1m during the first quarter of 2016.

The challenger bank’s first results since its launch onto the London Stock Exchange earlier this year revealed the underlying loss after tax had fallen to £7.9m from £10.2m in Q4 2015.

However, after including the £3.2m listing and related costs, it brought the losses up to £11.1m.

Despite this, Metro Bank managed to raise £400m on the stock exchange as well as a 125% growth in total loans total deposits growing by 75% year-on-year.

Craig Donaldson, Chief Executive Officer at Metro Bank, said the results showed a strong opening quarter.

“I am particularly pleased with the momentum and quality of our lending; net lending increased by 125% year-on-year to £4.1bn, driven by strong growth in both residential mortgages and commercial lending.

Vernon Hill, Chairman and Founder of Metro Bank, added that it continued to create a banking revolution as it looked to become a major banking force in the UK.

“Our constant focus on customer service and convenience across all our channels, supported by our flexible IT and powerful AMAZE culture, continues to differentiate us, and provide a compelling competitive advantage in the UK market.

“Every day we welcome new customers into our stores and make them ‘fans’ with our exceptional customer service.”

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