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Metro Bank set to move into profit as boss shrugs off Brexit fears

Published 27/07/2016

Chief executive Craig Donaldson said Metro Bank is in a strong position to deal with any post-referendum uncertainty
Chief executive Craig Donaldson said Metro Bank is in a strong position to deal with any post-referendum uncertainty

Metro Bank came a step closer to becoming profitable after a strong set of results in the second quarter as boss Craig Donaldson moved to allay any Brexit fears.

The challenger bank said revenues rose 63% to £46.3 million in the period while stemming losses from £7.6 million to £4.1 million.

Mr Donaldson told the Press Association: "We expect to be profitable later this year on a month-on-month basis. There has been no impact from Brexit and no change in customer behaviour; we are a growth story in a very large market.

"We launched and grew during a recession, so if that happens again I don't foresee any change for us. Recessions happen and things change. Metro Bank is in a strong position to deal with any post-referendum uncertainty."

The FTSE 250 bank, which has 42 high street branches, will open a further six this year and is aiming for 110 by 2020, creating more than 2,000 jobs in the process.

Mr Donaldson added: "I am pleased with both the momentum and quality of our lending, as we continue to actively support our customers by enabling more businesses to grow and people to buy their houses, with a 110% year-on-year increase in lending.

"Strong growth across both residential mortgages and commercial lending has resulted in our loan-to-deposit ratio further improving to 70%. Total deposits increased 74% year on year to £6.6 billion, with deposits coming from a diversified mix of both businesses and retail customers."

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