Business
Q3 Trading Update 2017
Q3 Trading Update 2017.
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 5172U Metro Bank PLC 25 October 2017 \n\nMetro Bank PLC\nQ3 Trading Update 2017\nOctober 25, 2017\n \nMETRO BANK REPORTS RECORD CUSTOMER GROWTH AND 77% INCREASE IN QUARTER ON QUARTER PROFIT\n \nMetro Bank PLC (LSE: MTRO) has delivered a strong trading performance in the third quarter of 2017.\n \n\n\n\n\nQ3 Highlights\n· Deposits from customers up £955m, 10% quarter-on-quarter to £10.8b ($14.4b), whilst the cost of deposits reduced from 53bp in Q2 2017 to 50bp in Q3 2017. \n· Lending up £858m, 11% quarter-on-quarter to £8.6b ($11.5b) and a 1% increase in the loan to deposit ratio to 80%.\n· Underlying profit before tax1 at £7.2m, a 77% increase from £4.0m in Q2 2017. Year to date underlying profit before tax1 is £13.2m versus £12.4m loss 2016. \n· A record quarterly growth of 79,000 customer accounts to 1,124,000, up 33% year-on-year.\n· Successful cash placing of 8m ordinary shares in July raising gross proceeds of £278m at no discount to market price.\n· We celebrated our seventh birthday and the opening of our 50th store in Peterborough.\n\n\n\n\nNote: All figures contained in this trading update are unaudited. All figures in US$ have been translated at a rate of $1.34 to the £. \n \n\n\n\n\nQuarter ending\n£ in millions\n\n\n30\nSept 2017\n \n\n\n30\nJun\n2017\n\n\nChange\nIn Quarter\n\n\n30\nSept 2016\n\n\nChange\nIn\nYear\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£14,574\n\n\n£13,094\n\n\n11%\n\n\n£9,005\n\n\n62%\n\n\n\n\nLoans\n\n\n£8,608\n\n\n£7,750\n\n\n11%\n\n\n£5,193\n\n\n66%\n\n\n\n\nDeposits\n\n\n£10,760\n\n\n£9,805\n\n\n10%\n\n\n£7,297\n\n\n47%\n\n\n\n\nLoan to Deposit ratio\n\n\n80%\n\n\n79%\n\n\n \n\n\n71%\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\nUnderlying Profit before tax1\n\n\n£7.2\n\n\n£4.0\n\n\n77%\n\n\n£0.6\n\n\n1,161%\n\n\n\n\nTotal Revenue\n\n\n£78.1\n\n\n£69.2\n\n\n13%\n\n\n£53.4\n\n\n46%\n\n\n\n\nNet interest margin\n\n\n1.94%\n\n\n1.92%\n\n\n \n\n\n1.95%\n\n\n \n\n\n\n\nCustomer Deposit net interest margin2\n\n\n2.22%\n\n\n2.15%\n\n\n \n\n\n2.08%\n\n\n \n\n\n\n\n \n\n...