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Metro Bank sneaked into profit for the first time this quarter

High-street challenger Metro Bank has announced impressive gains across its business in the last quarter as it edged into profit for the first time.

The bank, which was only launched in 2010, saw year-on-year increases in deposits, lending and revenue, and also welcomed a further 68,000 new customers in the quarter up 30 September.

In its Q3 results, announced to the stock exchange this morning, the bank revealed that deposits had risen to £7,297m, a year-on-year increase of 66%, while lending was up 73% to £5,193.

The bank’s total revenue was also up by 78% to £53.4m which helped push Metro’s underlying profit to £0.6m, the small sliver of profit representing the first time the bank has posted a quarterly profit since it was founded six years ago.

Commenting on the figures, Craig Donaldson, Chief Executive Officer at Metro Bank said: “I am delighted to announce another strong quarter, with substantial growth across lending, deposits and customer accounts as well as the bank reporting its first quarterly underlying profit.

“We continue to show strong deposit growth even as the cost of our deposits falls. This clearly demonstrates that our offering of high-impact, convenient high street stores, UK based contact centres and easy to use online and mobile services is persuasive for retail, business and private customers.”