Metro Bank's profits rise 77 per cent as it creates a ‘revolution’ in British banking

High-street lender’s CFO would be retiring next year

High-street lender Metro Bank has reported a 77 per cent rise in profits on the quarter after 79,000 new customers joined the bank.

The bank also announced that its Chief Financial Officer, Mike Brierley, would be retiring next year. Subject to regulatory approval, Sainsbury’s Bank CFO David Arden will succeed Brierley.

Metro Bank has reportedly made a profit of £7.2m in the three months to the end of September, up from £4m in the three months to June. It now holds 1.1m customer accounts after its deposits rose 47 per cent on last year to £10.7bn.

Chairman and founder Vernon Hill who has founded this dog-friendly bank says they are creating a ‘revolution’ in British banking. “Metro Bank continues to win fans, attract deposits, lend to consumers and businesses, and generate profits that are re-invested for the benefit of our customers,” Vernon adds.

Read related story: No tricks, just treats at Metro Bank this Halloween with free children’s craft event

Metro chief executive Craig Donaldson said: “My plan is to keep making profits every quarter, but I’ll never put the net interest margin as high as Lloyds. Profits could be much higher, but I want to invest.”

Unlike its rivals, Metro Bank has been expanding its network of branches and opened its 50th one in Peterborough last month. The bank is now planning to open another 17 branches by the end of next year.

 

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