Metro Bank narrows losses after March IPO

Metro Bank, the chirpy challenger bank which likes dogs, cut its losses in the latest quarter following its £1.6 billion stock-market float six weeks ago.

The bank, which raised £400 million issuing shares at 2000p said losses were cut from £11.1 million to £7.9 million as revenues rose by 60%.

“It’s been a strong opening quarter to 2016,” said chief executive Craig Donaldson. “I’m particularly pleased with the momentum and quality of our lending with net lending up 125% year on year to £4.1 billion.

“We continue to move towards profitability with losses down by 22% on the previous quarter.”

On the other side of the balance sheet Metro’s deposits from savers and companies rose by 74% to £7.4 billion.