Metro Bank reaches 500,000 accounts

PiggyBank2Metro Bank, the UK’s first new high street bank in more than 100 years, has reached its half millionth customer milestone as the bank announces its quarter one financial statement to 31 March 2015.

The bank saw a 56% increase in accounts opened, to achieve the 500,000. Deposits increased to £3.4 billion (€4.7 billion) – a year on year growth of 109%, while total loans grew to £1.8 billion (€2.5 billion) – a year on year increase of 91%.

Craig Donaldson, Chief Executive Officer, Metro Bank said: “We’re delighted that our first quarter results continue to show substantial growth across deposits, lending and customer accounts.

“We remain committed to offering the very best in service and convenience and have invested heavily to give our customers the ability to bank however, whenever and wherever they want. In response, we have continued to see thousands more personal and business customers join the banking revolution every week.”

Total assets were £4.2 billion (€5.8 billion), up from £3.7 billion (€5.2 billion) at the start of the quarter; an increase of 16% in the quarter and 74% year on year. Meanwhile, the bank opened new stores in Cambridge, Brighton and Southend, taking its total number of stores to 34. A further seven stores are planned for 2015, including Tunbridge Wells and Harrow.