Peterborough launch helps Metro Bank to record customer growth as profits rise

Opening of the Metro Bank at Long Causeway.  The civic party including Mayor of Peterborough Coun. John Fox cut the tape to open the store officially EMN-170929-164037009
Opening of the Metro Bank at Long Causeway. The civic party including Mayor of Peterborough Coun. John Fox cut the tape to open the store officially EMN-170929-164037009
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Metro Bank has reported rising third quarter profits as it promised to take its “revolution” to the streets of Peterborough.

The challenger bank, which launched in 2010, saw underlying pre-tax profits rise 77% to £7.2 million in the three months to September 30.

Metro Bank opened its 50th store in Peterborough in September and a further five stores will open this year, including in Luton this month.

Metro Bank also notched up record quarterly customer growth as 79,000 new accounts were opened, taking its total to 1.1 million.

Vernon Hill, the lender’s chairman and founder, said: “We are the Revolution in British banking, offering real choice to consumers and businesses.

“As we take the revolution to the high streets of Swindon, Canterbury and Peterborough, we are giving those urban communities and businesses a real alternative and a reason to love their bank at last.”

The bank added that it saw a 10% increase in deposit growth to £10.8 billion quarter on quarter.

Lending grew £858 million, or 11% quarter-on-quarter to £8.6 billion.

Next year the group will open 12 branches in cities such as Birmingham and Bristol as part of chief executive Craig Donaldson’s plan to expand the bank’s branch network to 100 by 2020, creating 2,500 extra jobs and doubling the staff roster in the process.