Deposits increase at Metro Bank
Metro Bank, which has branches in Wolverhampton and at Brierley Hill, saw total deposits rise by two per cent in the first three months of this year.
They were up from £16 billion at the end of December to £16.4bn on March 31 and rose eight per cent from a year ago.
Loans were flats at £12bn but down 17% from £14.5bn in the same quarter of 2020.
The rise in deposits was driven by growth across business and retail customers' instant access and current accounts, together with a reduction in higher-cost fixed term deposits.
Customer activity dipped in January following the introduction of the third national lockdown in late December, recovering as the quarter progressed and helped by the gradual easing of restrictions in April.
Chief executive Daniel Frumkin said: "Metro Bank has delivered a solid first quarter, with continued improvement in deposit mix. We are also beginning to see progress across our loan book, with strong growth in consumer lending and specialist mortgages as we focus on assets delivering higher risk-adjusted returns. Our turnaround strategy is ongoing and I remain incredibly grateful for how colleagues have continued to step-up to deliver for our customers and communities during these challenging times."
