UK's Metro Bank reports first annual profit

Metro Bank branch exterior

Metro Bank has posted its first yearly profit and record growth in lending and deposits, but spooked investors by revealing a decline in its core profitability and capital cushion.

The challenger bank reported a statutory profit before tax of £18.7m, while the underlying figure was £20.8m compared to an £11.7m loss the year before.

Shares in Metro Bank, the United Kingdom challenger bank, fell in early trade on Wednesday after rapid growth in loans a year ago ate into its capital ratio, raising concerns of a cash call on shareholders. The bank, which operates across London and the south of England, is now aiming for 100 branches rather than the 110 it had previously meant to open.

Customer account numbers broke through the one million mark for the first time, with 302,000 opened during 2017.

"We are definitely going to have to raise capital in 2019, but we may choose to go in late 2018", Chief Executive Craig Donaldson said in an emailed statement.

David vs Goliath, as handicapped Gilas tackles Australia
Against the Aussies, both guards will have to immediately get used to the playing time Reyes will give them. Gilas and the taller Boomers, both carrying clean 2-0 slates, will now battle for the top spot of Group B.

MA leads nation in highest scores on Advanced Placement exams
The organization also serves the education community through research and advocacy on behalf of students, educators, and schools. Nationally, more than 1.17 million students in the class of 2017 took almost 4 million AP exams in public high schools.

White House Says Ivanka Trump Won't Meet With North Koreans In Pyeongchang
Aides to Pence said Wednesday North Korea broached the idea of meeting with the vice president and the vice president agreed. Trump will watch some of the Olympic competition on Saturday and Sunday in Pyeongchang, the official said.

Deposit growth was fastest among business customers, particularly small and medium sized enterprises (SME), Metro Bank said, adding that commercial deposits rose 55% and made up around 53% of the total deposit base.

Since 2010 Metro has grown steadily to the extent that a year ago the company's lending rose 64% to £9.6bn.

The company, which listed on the London Stock Exchange in 2016, also raised its 2020 targets and said it would open 12 branches this year, creating 900 jobs.

"As we enter new markets across the country, we will continue to create more jobs and bring real competition and choice for personal and business banking customers".

Related:

Comments

Latest news

Westlake High School students hold walkout to protest recent gun violence
One popular website had 8,879 guns for sale in OH from private sellers, meaning they could be sold without a background check. Students are also calling for anti-gun violence demonstrations in Washington and other cities March 24.

France manager gives Benjamin Mendy recovery update, chances of making World Cup
Deschamps added that any fears over Pogba's best position in the midfield have been similarly overplayed. DIDIER DESCHAMPS has questioned Jose Mourinho's decision to drop Paul Pogba .

Guide to Analyst Recommendations:: Government Properties Income Trust (GOV)
JMP Securities upgraded Medical Properties Trust, Inc . (NYSE:MPW) has declined 4.49% since February 20, 2017 and is downtrending. ValuEngine downgraded Government Properties Income Trust from a buy rating to a hold rating in a report on Friday, February 2nd.

Goggia gets gold; Bjoergen sets Winter Games medals mark
Vonn is still set to compete in the Alpine combined on Friday, but is not as heavy of a medal-favorite as she was in the downhill. And whenever she wants to hit the slopes, there's always her five-bedroom home in Vail, Colorado, which she bought in 2015 .

Winter Olympics 2018: Mikaela Shiffrin withdraws from Olympic downhill
Shiffrin won gold in the women's giant slalom last week - her second Olympic title after winning slalom gold in Sochi 2014. Mikaela Shiffrin , left, with boyfriend and French skier Mathieu Faivre in PyeongChang.

Army awards heroism medals to JROTC cadets killed in Florida shooting
A number of survivors told the press that Wang was killed while wearing his junior ROTC uniform and helping others escape. Military Academy at West Point is honoring a Florida school shooting victim by admitting him posthumously.

19 hurt after explosion rocks bus near former Sri Lanka garrison town
The condition of two Army personnel was critical, the Army said. 12 of the injured persons were security forces personnel. There have been no targeted attacks on the military in Sri Lanka since the three-decade civil war ended in 2009.

The connection between Rev. Billy Graham and Music City
Reverend Graham will be remembered by millions of people for millions of reasons - this is a testament to the lives he touched. Billy Graham , the massively influential evangelical minister and pillar of American spiritual life , has died at 99 .

Mixed messages on BC's efforts to cool the hot housing market
The NDP says it is making a "historic" $1 billion investment in child care in the province. The annual levy will be 0.5 per cent this year and rise to 2 per cent in 2019.

Pence Lies About Assessment of Russian Influence on the 2016 Election
They are spending too much time trying to prove Russian collusion with the Trump campaign - there is no collusion. Summary: Russia released a statement denying any meddling in the 2016 US presidential election or before.

Caterpillar Inc. (CAT) Position Raised by RFG Advisory Group LLC
The company was maintained on Thursday, February 15 by UBS. (NYSE:CAT) earned "Neutral" rating by Citigroup on Wednesday, July 27. The firm has a market capitalization of $93,402.93, a price-to-earnings ratio of 124.04, a PEG ratio of 1.67 and a beta of 1.23.

YouTube Issues Mea Culpa After Conspiracy Video Tops 'Trending' List
The video was simply a news report from the summer before the massacre, in which David Hogg happened to appear . If my aide disparaged a student from Parkland who is grieving than I will deal most strongly with my aide.

Italy Make Three Changes For Trip To France
Two of the three changes come in the front row where Leonardo Ghiradldini and Andrea Lovotti come into the front row. Benjamin Fall , Remy Grosso , Hugo Bonneval and Paul Gabrillagues also come in to the starting line-up.

Now We Know JUST What Kylie Jenner's Baby Stormi Looks Like! LOOK!
I've never felt love and happiness like this i could burst! The source added, "So time will tell if it reaches a boiling point". Keeping up with Stormi Webster will be very hard - if Travis Scott has his way.

U.S. students stage protests to demand gun control after mass shooting
The Florida shooting has reignited the national debate on gun control with multiple lawmakers calling for Congress to take action. The decision comes just days after a deadly shooting at a high school in Parkland, Florida that saw 17 people killed.

Other news