Amid all the talk of boosting competition in the UK’s retail banking market, how fares Metro Bank, launched in 2010 with the promise of revolutionising customers’ relationship with their bank through initiatives like free dog biscuits?
Well, it’s still losing money, but not quite as much, FastFT reports.
Metro said on Wednesday that its net loss shrank to £9.9m in the second quarter, down from £10.6m in the previous period, as it continues to build out its infrastructure and technology.
Metro, which has expanded from four to 26 branches in four years, certainly continues to post impressive deposit growth. Total deposits are now within touching distance of £2bn, up from £1.6bn at the start of the quarter.
On an annualised basis, the deposit growth rate was a hefty 125 per cent.
And the bank is also prioritising lending to small businesses, one of the areas where UK politicians and regulators are most committed to boosting choice.
Total lending jumped 21 per cent during the quarter, to £1.2bn.
Said chief executive Craig Donaldson: “Four years on from launch, we’re truly thankful to the thousands of people and businesses who have showed their support by joining the banking revolution.
“Strong growth in lending and deposits continues to demonstrate that the British people need and want a choice about where they do their banking, and we’re here to provide that.”
