Exclusive: Metro Bank Losses Pass £100m Mark

Written By Unknown on Kamis, 02 Mei 2013 | 11.46

By Mark Kleinman, City Editor

Losses at Metro Bank, the first new high street lender in Britain in more than a century, have reached more than £100m nearly three years since its launch.

According to information circulated to shareholders in recent days, Metro Bank lost £45.7m before tax in 2012, and a further £8.8m in the first quarter of this year. After tax, the respective figures were £34.5m and £7.1m.

The losses underline the costs associated with breaking into the UK's retail banking sector at a time when Government ministers are attempting to foment new competition through a string of policy measures.

The numbers handed to Metro Bank's investors, which are broadly in line with the bank's expectations, follow losses of £23.4m in the 16 months to the end of 2010 and a further £33.1m the following year.

Metro Bank's first branch opened in Central London in July 2010, and it now has more than 15 open, with aggressive expansion plans over the next five years.

On Friday it will open a branch in Slough, Berkshire, which has drive-through banking facilities, reflecting its determination to revolutionise the consumer banking experience.

According to the circular to shareholders, who include the American hedge fund tycoon Steve Cohen and the billionaire Reuben brothers, loans and advances to customers grew at an annual rate of 297% in the year to March 31.

Vernon Hill, US billionaire businessman and vice chairman of Metro Bank Chairman Vernon Hill launched a similar bank venture in the US

Customer deposits grew at an annual rate of 210% to almost £700m over the same period.

The UK banking regulator, the Financial Conduct Authority, has reduced the level of capital required to be held by Metro Bank by a quarter, "reflecting the increasing maturity of the bank and the quality of risk management", it told shareholders.

Metro Bank is chaired by Vernon Hill, who enjoyed huge commercial success with the launch of similar banking ventures in the US.

Its board members include Luke Johnson, the restaurants entrepreneur, and Lord Flight, former chief secretary to the Treasury.

The lender has raised hundreds of millions of pounds from shareholders to fund its launch and subsequent expansion, and is targeting a stock exchange listing as soon as next year.

A Metro Bank spokeswoman declined to comment.


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