Metro Bank has announced record lending growth of £2.39bn during the first half of 2018, hitting £12bn.
This is up 55% year-on-year and 25% up on H2 2017 (£9.62bn).
This latest figure has led to a loan-to-deposit ratio of 87%, driven by over £1bn of organic lending growth in Q2 2018 and supported by a £523m portfolio acquisition in the first quarter.
As of 30th June 2018, Metro Bank has provided £3.9bn of commercial and business loans, £7.9bn of residential mortgages and £259m of consumer and other loans.
The UK challenger bank – which recently opened new stores in Southampton and Watford – also revealed a £2.07bn increase in deposits and a 201,000 rise in customer accounts during the first six months of the year.
Its underlying profit before tax reached £24.1m, a fourfold year-on-year increase (H1 2017: £6m).
“Every day, every month and every quarter Metro Bank continues to win customers and grow through our disruptive, service-led model,” said Craig Donaldson, CEO at Metro Bank (pictured above).
“Our investment in the customer experience continues, delivering the best in store, online and mobile banking.
“This month, we launched our developer portal, which opens up our banking platform to third parties to develop products and services to help make customers’ lives easier.
“Our AI-powered money management service ‘Insights’ will also be available to customers using our banking app in the coming weeks.”
Vernon Hill, chairman and founder at Metro Bank, explained that by winning over 1.4 million customer accounts from the big banks, it has proved British consumers and businesses were turning their backs on poor customer service and demanding more.
“Our blend of service, convenience and award-winning technology is not just attracting new customers in London and the South, it is helping to make us famous across the UK.”
Metro Bank also announced a proposed equity capital raise to enhance its capital ratios.
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