Business
Q1 Trading Announcement
Q1 Trading Announcement.
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 7095V Metro Bank PLC 20 April 2016 \n\nMETRO BANK REPORTS RECORD GROWTH IN DEPOSITS AND LOANS\n \nMetro Bank PLC (LSE: MTRO) has delivered a strong trading performance in the first quarter of 2016 as it continues to create Britain's leading growth bank. \n \nQ1 2016 saw record growth in deposits (+£790m); record organic growth in lending (+£586m); and record customer account acquisition (+62,000). \n \n\n\n\n\n \nQ1 Highlights \n \n· Completion of a £400m capital raise\n· Listing on the main market of the London Stock Exchange\n· Total deposits up 75% year-on-year to £5,898m \n· Record net deposit growth per store per month of £6.6m ($9.5m) \n· Total loans increased 125% year-on-year to £4,129m \n· Revenue up 60% year-on-year \n· Underlying loss after tax1 down to £7.9m (compared to £10.2m in Q4 2015)\n· Underlying loss after tax1 improved by 23% quarter-on-quarter\n \n\n\n\n\nNote: all figures contained in this trading update are unaudited\n \n\n\n\n\nQuarter ending\n£ in millions\n\n\n31 March 2016\n \n\n\n31 December 2015\n\n\n% Change\nIn Qtr.\n\n\n31 March 2015\n\n\n% Change\nIn Year\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£7,388\n\n\n£6,148\n\n\n+20%\n\n\n£4,244\n\n\n+74%\n\n\n\n\nLoans\n\n\n£4,129\n\n\n£3,543\n\n\n+17%\n\n\n£1,833\n\n\n+125%\n\n\n\n\nDeposits\n\n\n£5,898\n\n\n£5,108\n\n\n+15%\n\n\n£3,375\n\n\n+75%\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 Revenue2\n\n\n£37.7\n\n\n£34.1\n\n\n+11%\n\n\n£23.6\n\n\n+60%\n\n\n\n\nUnderlying profit/ (loss) after tax\n\n\n£(7.9)\n\n\n£(10.2)\n\n\n+23%\n\n\n£(8.5)\n\n\n+7%\n\n\n\n\n[1] Underlying loss after tax excludes listing and related costs of £3.2m. Statutory loss after tax £11.1m.\n \n2 Excludes gains on sale of investment securities\n \n \n \n \nCraig Donaldson, Chief Executive Officer said:\n\"We have had a strong opening quarter in 2016. I am particularly pleased with the momentum and quality of our lending; net lending increased by 125% per cent year on year to £4.1 billion driven by stron...