Metro Bank, Tesco Bank and TSB have all posted positive growth in their latest trading results for the third quarter of 2014.

The number of customer accounts at Metro Bank climbed to 406,000 last quarter, a year-on-year increase of 71 per cent. Total deposits grew to £2.3 billion, up from £1.9 billion at the beginning of the quarter, representing quarterly growth of 20 per cent and annual growth of 118 per cent.

Some 60 per cent of deposits were from business customers, while loans to corporate customers made up almost half of all lending.

Metro, which has 27 branches and six under construction, still reported a loss after tax of £9.4 million in Q3. But this was down on the £9.9 million loss in Q2 and “reflected the bank’s continued investment in people, infrastructure and technology”, it said.

Meanwhile, Tesco Bank announced an 18 per cent rise in underlying interim pre-tax profit to £117 million, and a 13.9 per cent growth in customer numbers in the six months to August 31.

Overall, customer deposits increased by 9 per cent to £6 billion. The bank, which offers credit cards, loans, mortgages and savings accounts, launched its current account offering this summer.

TSB also announced its Q3 results, which revealed a management profit before tax of £41.6 million. Customer deposits grew by £0.5 billion to £24.2 billion, and the bank registered a 9.7 per cent share of current account gross flow.

TSB’s chief executive Paul Pester commented: “While we have always been clear that we are on a five-year journey to grow TSB and its returns, it’s great to see people right across Britain continuing to vote with their feet for TSB’s local banking model.

“Nearly one in ten of all customers who opened new bank accounts or switched during the last quarter chose TSB – this is well ahead of our long-term target and is testament to the great service our TSB partners continue to deliver.”

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