Half a million customer accounts have now been opened at challenger bank Metro, according to the FI’s latest financial statement.

The quarter one figures to 31 March 2015, revealed that the number of customer accounts opened grew by 56 per cent year-on-year. Deposits rose 109 per cent over the same period to hit £3,375 million, while total loans increased 91 per cent to £1,830 million, almost half of which were made to business customers.

However, Metro is still failing to turn a profit, with losses after tax for Q1 2015 standing at £8.5 million. This was down on the £10.6 million loss in Q1 2014, continuing the trend of declining losses since the bank launched on the UK High Street in 2010.

The bank also added three new ‘stores’ in Q1 (Cambridge, Brighton and Southend) to take the total to 34, and a further seven are planned for 2015.

Craig Donaldson, Metro Bank’s chief executive officer, said: “We’re delighted that our first quarter results continue to show substantial growth across deposits, lending and customer accounts.

“We remain committed to offering the very best in service and convenience and have invested heavily to give our customers the ability to bank however, whenever and wherever they want. In response, we have continued to see thousands more personal and business customers join the banking revolution every week.”

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