Metro Bank’s profit figures have peaked in the first quarter of 2017
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by Abi Moses on 26th April, 2017
The Metro Bank’s share prices have plummeted regardless of its profit boost in the first quarter of 2017.
During the first quarter of last year the Metro’s assets raised to £11.6bn, which was a hefty 57 per cent rise since the beginning. Additionally, loans increased 57 per cent to £6.8bn in 2016.
Metro has also revealed a record of a 72,000 increase in customer accounts. The sum now adds up to 987,000.
Compared to a £9.6m loss last year, the company now have yielded a profit of roughly £2m. Meanwhile, statutory profits have heightened from £11.1bn in the first quarter of 2016 to £1.1bn to today.
Today, the bank hasn’t yet reached its annual profit. However, todays results show it is on the right track to achieving this. The bank made a statement earlier this year saying they are interested in investment growth rather than unveiling big figures quickly.
Chief executive Craig Donaldson has said, "This is another great quarter for Metro Bank, and the results are a testament to the strength of the model and our focus on the integration of stores and technology," said Donaldson.
"We continue to grow the business, and remain on track to open a further ten stores before the year end."
Vernon Hill, the bank's founder and chairman, added: "What a superb start to the year for Metro Bank. This quarter saw improved performance on every level, across every measure.
"Our combination of great online and mobile banking and an exceptional in store experience is making a positive difference to our customers."
The company has stated that they are a revolution in British banking and pride themselves on giving every customer a service which tailors to their individual needs.
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