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Metro Bank grows loan book in third-quarter, payment deferrals fall

By BFN News | 07:32 AM | Wednesday 21 October, 2020


Challenger bank Metro Bank said it had grown its loan book in the third quarter, driven by government-backed lending to small business. Loan volumes in the three months through September had increased to £15.09 billion, up 2% compared to the first half and up 1% year-on-year. Deposit volumes of £15.62 billion were flat compared to the first half, but up 10% year-on-year. Metro Bank said its CET1 capital ratio remained materially in excess of regulatory minimums. It added that it had continued to offer support to customers experiencing payment difficulty. The number of active payment deferrals had fallen to less than 3.5% of the retail mortgage portfolio at the end of the third quarter, down from 16% at the first half. 'In a challenging environment, Metro Bank has delivered a good performance with loan growth reflecting our support for government-backed lending schemes,' chief executive Daniel Frumkin said. 'We have made further progress against the strategic priorities we set out at the beginning of 2020, completing the acquisition of RateSetter in the quarter and launching new initiatives which enable us to meet more customer needs.' 'The continued dedication of our colleagues and their focus on excellent customer service underpins our position as the UK's best community bank.' Story provided by StockMarketWire.com

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