Metro Bank has reported year-on-year loan growth of 69% as it surpassed £10bn of lending during Q1 2018 .
The challenger bank saw lending rise £1.35bn during the quarter, compared with the same period last year, as gross loans and advances to customers reached just over £11bn.
Metro attributed the rise to strong organic growth supplemented by the acquisition of a seasoned mortgage portfolio.
During Q1 2018, Metro reached £3.47bn worth of commercial loans to customers, up 53% on last year, while residential mortgage lending hit £7.3bn, an 82% increase on Q1 2017.
Craig Donaldson, CEO at Metro Bank (pictured above), said that it would continue to find new ways to make its customers' lives easier.
“Over the course of the year, we will invest significantly in our digital offering to combine the best of fintech with our fanatical focus on service.
“Our artificial intelligence 'Insights' tool will be launched this summer on our already award-winning mobile app.
“We're extending the store footprint into thriving towns and cities in the West and Midlands, while strengthening our presence on the south coast, with five stores already in build.”
As well as increasing lending, deposits grew by 41% year-on-year to £12.7bn, with the number of customer accounts surpassing 1.3 million.
“As well as strong deposit and lending growth, we've opened 88,000 new accounts in the last quarter alone, taking the number of accounts held with us to 1,305,000,” said Vernon Hill, chairman and founder at Metro Bank.
“Proving our unrelenting focus on service, our distinctive culture and combination of physical and digital services is a winning formula for the thousands who have chosen to join us.
“We're delighted they've joined us and welcome them to the revolution.”
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