Metro Bank expand but yet to make a profit
The fuss-free so-called 'challenger' bank has also had nearly half a million people open accounts in the last year. On top of that, it also saw its deposits soar from £1.3bn to £2.9bn, with lending growing to £1.6bn from £754m.
Since the bank's launch in 2010, it has opened 31 branches across the south east of the UK and now plans another 10 during 2015, including branches in Brighton, Southend and Harrow.
Metro Bank's appeal is that it would rather focus on service rather than compete with the bigger banks in best buy charts for savings and the like. They also offer existing customers the same deals as new customers, by now kowtowing to cheap deal gimmicks. The bank's best offering at the moment is a two-year fixed-rate cash Isa paying 1.8%, which creeps into Moneyfacts best buy deals behind the Post Office’s 1.95% rate.
Craig Donaldson, chief executive of Metro Bank, said: “2014 was another great year for Metro Bank. Throughout the year we saw substantial growth in deposits and lending, and the number of personal and business customers joining the banking revolution has continued to increase. As we start a new year, we’re excited to continue innovating and providing a real banking choice to the British people, as well as maintaining our commitment to deliver the best in service and convenience.”