April 26, 2017 / 6:27 AM / 3 months ago

BRIEF-Metro Bank posts Q1 underlying pre-tax profit 2 mln stg

1 Min Read

April 26 (Reuters) - Metro Bank Plc:

* Deposits up 13% quarter-on-quarter to £9.0b ($11.4b) whilst cost of deposits dropped from 66bp in q4 2016 to 61bp in q1 2017

* Record net deposit growth per store per month of £7.4m ($9.3m) in q1 2017 versus £5.0m ($6.3m) in q4 2016

* Underlying profit before tax 1 at £2.0m (£1.5m in q4 2016)

* Q1 lending up 11%, quarter-on-quarter to £6.5b ($8.2b)

* "we continue to grow business, and remain on track to open a further ten stores before year end."

* As of 31 March total assets were £11,624m, up from £10,057m at 31 December 2016 and £7,388m at 31 March 2016; representing 16% growth in quarter

* We remain confident in our ability to deliver a full year of profitability in 2017 and to achieve our 2020 guidance Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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