Business
Half-year Report
Half-year Report.
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6395V Metro Bank PLC 24 July 2018 \n\n \nMetro Bank PLC\nH1 Trading Update 2018\n July 24, 2018\n \n \nMETRO BANK'S HALF YEAR PROFIT QUADRUPLES YEAR-ON-YEAR\nAS CUSTOMERS CONTINUE TO JOIN THE REVOLUTION\n \nMetro Bank PLC (LSE: MTRO LN)\n \n\n\n\nH1 Highlights\n· Continued strong deposit growth of £2,067m, up 40% year-on-year to £13.7b \n· Net deposit growth per store per month of £6.2m ($8.2m) in H1 2018 representing annualised deposit growth per store of £74m ($99m)\n· Record lending growth of £2,393m, up 55% year-on-year to £12.0b, leading to a loan to deposit ratio of 87%, already within our 2020 and 2023 target range.\n· Underlying profit before tax1 at £24.1m ($32.0m), a four-fold increase from £6.0m ($8.0m) in H1 2017, and exceeding the £20.8m ($27.7m) total in full year 2017\n· Successful inaugural debt issuance raising £250m of Tier 2 capital\n· 201,000 increase in customer accounts in the six months from 31 December 2017 to 1,418,000\n· Opened a new store in Watford in June as well as Southampton in July, growing the network to 57. On track to open 12 new locations in 2018, with eight stores already in build\n· Further growth supported by proposed equity capital raise announced separately today\n\n\n\nNote: All figures contained in this trading update are unaudited. All figures in US$ have been translated at a rate of $1.33 to the £.\n \n\n\n\n \n£ in millions\n\n\n30\nJune\n2018\n\n\n30\nJune\n2017\n\n\nChange From\nH1 17\n\n\n31 December\n2017\n\n\nChange From\nH2 17\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAssets\n\n\n£19,135\n\n\n£13,094\n\n\n46%\n\n\n£16,355\n\n\n17%\n\n\n\n\nLoans\n\n\n£12,013\n\n\n£7,750\n\n\n55%\n\n\n£9,620\n\n\n25%\n\n\n\n\nDeposits\n\n\n£13,736\n\n\n£9,805\n\n\n40%\n\n\n£11,669\n\n\n18%\n\n\n\n\nLoan to Deposit ratio\n\n\n87%\n\n\n79%\n\n\n\n\n\n82%\n\n\n \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n£ in millions\n\n\nH1 18\n\n\nH1 17\n\n\nChange From\nH1 17\n\n\nH2 17\n\n\nChange From\nH2 17\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal Revenue\n\n\n£189.8\n\...