Metro Bank posts first quarterly profit

Metro saw profit of £0.6m, up from a £3.4m loss in Q2 2016.

Metro Bank turned a profit for the first time in the third quarter of 2016.

The bank saw profit of £0.6m, up from a £3.4m loss in Q2 2016, with the help of a 78% year-on-year increase in revenue.

The bank upped its mortgage lending by 73% to £5.19m and its deposits swelled by 66% year-on-year.

Craig Donaldson, chief executive at Metro Bank, said: “As we move into underlying profit our customer-focused culture and commitment to providing a superior banking experience remain at the very forefront of our offering, and we look forward to welcoming even more retail, business and private banking customers to the banking revolution."

Metro Bank launched in 2010, the first high street bank to do so in the UK for over 100 years.