Metro Bank opened its 18th store (in Slough) at the weekend, its first with a drive-thru facility. The bank, or store as Metro Bank likes to call its branches, features two lanes for customers to carry out cashier services from their cars.

This came as Metro Bank announced it was opening over 10,000 new accounts a month and that since year end deposits have increased by more than a third and lending to personal and SME customers has increased by over 50 per cent. Store expansion remains the cornerstone of its strategy, based on a roll-out of new sites in London and the South East; with numbers growing to 200 by 2020. As a result of this, in the year ending 31 December 2012 the bank had a “planned and expected loss” after tax of £34.6 million. In June 2012, it raised a further £126 million growth capital from new and existing institutional and personal investors to directly support its growth plans.

Craig Donaldson, chief executive at Metro Bank, comments: “Both Metro Bank and its investors are very pleased with this set of strong results. The last 12 months have been an exciting period in Metro Bank’s growth and development. We’ve significantly expanded our reach throughout London and the surrounding areas, and as a result of a very successful round of fundraising, have been able to invest heavily in our network, technology and people. Our success can be measured through the volume of customers that are walking through our doors and joining the revolution. Given this overwhelming support, we’re on track to achieve our ambitious growth plans.”

“Q1 2013 has also been record breaking for us. It’s been a record quarter for lending, deposit growth has been strong, and customer numbers are increasing at a level that exceeds our expectations. We owe our success to our customers and fans that have joined the banking revolution, and we’ll continue to put them first by combining simple, transparent and competitive products with the very best in service and convenience,” he adds.

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