Metro Bank (LON:MTRO) posted its first annual profit on Wednesday, after after it reported growth in deposit and lending volumes.
The bank, who is one of a set of new ‘challenger banks’ offering easier, customer-friendly banking to shake up the industry, reported a pre-tax profit of £10.8 million in the year to December 2017. This comes after reporting a loss of £16.8 million in 2016.
Deposits rose by 47 percent to £3.7 billion, while lending volumes jumped by 64 percent to £9.6 billion. The bank has a target of between £50 and £55 billion in deposits by 2023. Lending rose 64 percent to £9.6 billion.
“As we enter new markets across the country, we will continue to… bring real competition and choice for banking customers,” CEO Craig Donaldson said.
Metro Bank, who listed on the stock exchange in 2016, saw shares plunge on the news on Wednesday morning. Shares are currently trading down 4.54 percent at 3,446 (0834GMT).
