Metro Bank has recorded revenue growth of 31 per cent to £236 million, up from £180 million last year.

Pre-tax losses were down to £48 million from £110 million last year, offset marginally by increased expected credit loss provisions and reflecting the strong revenue growth alongside the bank taking actions to reduce costs.

Metro saw customer account growth of 0.1 million in the past six months to 2.6 million. The bank said that this was largely driven by its acquisition of RateSetter and stable growth in account openings.

"We have delivered a strong first-half performance and I am encouraged by the continued momentum we are seeing across the bank. Initiatives we have put in place have helped us to improve NIM and lending yield, and drive record revenue growth,” said Daniel Frumkin, chief executive officer, Metro Bank. “We have also maintained our cost discipline and improved our cost to income ratio, with the focus on generating greater earnings from our capital base.”

He continued: “As a result, we have built a sustainable business and we now expect to reach monthly breakeven during Q1 2023.”

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