Metro Bank’s lending and deposit growth hit record levels after a surge of new customers registered accounts at the bank.
Lending increased by 13 per cent during the fourth quarter last year quarter and rose 66 per cent year-on-year to £5.9bn.
Deposit growth was up by 9 per cent during the quarter and 56 per cent year-on year to £7.9bn.
The bank’s assets grew by 64 per cent last year to a total of £10.1bn after it gained a record 260,000 new customers, which brought the total number of accounts to 915,000.
The business is also becoming more profitable, bringing in £57.6m during the fourth quarter of 2016 compared to £34.3m during the same period in 2015.
A £100m investment in improving the bank’s technology, stores and employee training helped the business achieve its 62 per cent increase in revenue and second successive quarter of profitability.
Metro Bank chief executive Craig Donaldson said: “We continue to show significant growth across lending, deposits and customer account numbers with continued integration of technology across all our channels, including stores, creating a compelling service experience for our retail and business customers."
Vernon Hill, chairman and founder of Metro Bank, said that the response of the British public to the bank had exceeded his expectations since its launch in 2010.
“Our goal is to create a legendary, emotional brand by creating fans who join our brand, remain loyal and bring their friends. I'm very proud of the bank's success over the past 12 months, and my thanks go to our colleagues, investors and fans who are Metro Bank. I am confident that this is just the beginning, the best is yet to come."
