Mortgage News
Metro reports 146% YoY increase in lending
Metro Bank has increased its lending in Q3 to £1,389m, an increase of 146% year-on-year, its financial statement has shown.
The growth in lending, which includes secured and unsecured residential and business loans, represented a 20% rise compared to lending in quarter two which reached £1,157m.
Deposits received in Q3 grew to £2,344m up from £1,956m at the beginning of the quarter, a rise of 20%, and 12-month growth of 118%. Of these deposits, 60% came from business customers.
Lending to business customers remains a primary objective for Metro Bank as business loans made up almost half of total lending in Q3.
Craig Donaldson, chief executive, Metro Bank, said: “We’re extremely proud of another quarter of strong growth in lending, deposits and customer numbers. As we enter the final quarter of 2014, we thank our personal and business customers for their ongoing support, and we look forward to bringing our customer focused proposition to more communities across London and the South East.”
In January, Metro Bank appointed ex-Kensington head of sales Charles Morley to lead its mortgage distribution and gear up lending in 2014.
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The challenger bank, which launched in 2010, said it planned to double its mortgage lending in 2015 with Morley managing its direct and broker distribution plans.