Mortgage News
Metro Bank mortgage lending up 57% year-on-year
Metro Bank has seen a substantial increase in new mortgage lending over the last year as the bank continues its expansion.
The bank made £4.023bn in residential mortgage gross lending and advances to customers in the three months to March – up from £3.604bn and £2.566bn in Q4 2016 and Q1 2016 respectively.
This was part of an overall 11% increase in lending throughout the bank including consumer and commercial loans.
Overall, Metro Bank’s pre-tax profits were £2m in the quarter, up from £1.5m in Q4 2016, with deposit growth exceeding £1bn in a quarter for the first time.
Customers also grew by 72,000 to 987,000.
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Continued profitability
Metro Bank chief executive officer Craig Donaldson, said it had been another great quarter for the bank.
“We have now delivered three consecutive quarters of profitability and for the first time have exceeded £1bn net growth in deposits in a single quarter whilst also reducing the cost of those deposits.
“We have seen double digit growth in lending (11%) and attracted an additional 72,000 accounts, taking us to 987,000 customer accounts across the bank.
“We continue to grow the business, and remain on track to open a further ten stores before the year end,” he added.