Metro Bank doubles quarterly profits and accelerates capital raising

Gem Sofianos

Source: @Photoshot

Customer accounts surpass 1m

Metro Bank’s share price rose 6 per cent today after it said it had accelerated plans to raise £278m of equity capital through share issue to fuel growth.

The bank which hopes to revolutionise British banking is looking to issue up to 8m shares at £34.65 each to raise the capital and also revealed it had delivered strong quarterly and half year performance.

The quarterly underlying pre-tax profit doubled from £2m in quarter one to £4m in quarter two. 

The overall underlying pre-tax profits for the first half of the year were up to £6m compared to a loss of £13m in the same period last year.

Craig Donaldson, Chief Executive Officer at Metro Bank said: “This has been another great half year for Metro Bank.” 

“We are extremely proud that for the second consecutive year Metro Bank won the Most Trusted Financial Provider, as well as Best Mobile App, from Moneywise the largest independent survey in the UK.

All of this is at the same time as we passed the one million customer account mark showing that Metro Bank continues to deliver exceptional service and convenience across every channel to our business and personal customers,” he added. 

The bank is planning to increase the number of stores it has by increasing from the current 48 by opening between eight and 10 this year.

Since they hit the high street in 2010 they have been growing quickly and have mainly been located in the South East and London, however the latest expansion will see stores open in Bristol and Birmingham.

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