Metro Bank doubles lending over 2014
Metro Bank has doubled its lending to business and personal customers over 2014 to hit £1,597m at the end of Q4, up from £754m at the same point last year.
Half of the 112% year on year increase constitutes commercial lending, according to its full-year financial statement.
Craig Donaldson, chief executive, Metro Bank said: “2014 was another great year for Metro Bank. Throughout the year we saw substantial growth in deposits and lending, and the number of personal and business customers joining the banking revolution has continued to increase. As we start a new year, we’re excited to continue innovating and providing a real banking choice to the British people, as well as maintaining our commitment to deliver the best in service and convenience.”
Total deposits grew to £2,867m, from £1,315m at the end of Q4 2013, which represents growth of 118% over 2014, and quarterly growth of 22%.
The loss after tax in Q4 was £8.9m, which the bank said reflected its investment in personnel, infrastructure and technology. This compares to a loss of £9.4m after tax in the third quarter.
Metro expanded its willingness to lend to throughout England and Walesvia intermediaries in December.