February 21, 2018 / 7:32 AM / 6 months ago

UK's Metro Bank reports first annual profit

Feb 21 (Reuters) - British lender Metro Bank reported its first annual profit on Wednesday, driven by strong growth in residential mortgages and commercial lending.

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.

The lender raised its 2020 loan-to-deposit ratio target to a range of 85 percent to 90 percent from its previous target of about 85 percent.

Metro said underlying profit before tax was 20.8 million pounds ($29.1 million) in the year ended Dec. 31. This compares with a loss of 11.7 million pounds a year earlier. ($1 = 0.7148 pounds) (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)

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