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Metro Bank’s mortgage lending increases to £63m

Metro Bank increased its gross lending by 796 per cent in 2012.

The bank’s returns show that in the 12 months to 31 December 2012, the bank advanced £62.7m to mortgage borrowers, compared with £7m in 2011.

Total lending, which includes, mortgages, credit cards, overdrafts, term loans and corporate lending, totalled £168.1m in 2012, up 297 per cent on the £42.3m advanced to customers in in 2011.

Figures published by the Bank of England earlier this month show Metro Bank has made good use of the Funding for Lending scheme with cumulative net lending of £171m from a base stock of £78m since the scheme launched in June 2012.

Total deposits increased from £152m in 2011 to £576m in 2012, giving the society a loan to deposit ratio of 29 per cent at the end of 2012, up from 28 per cent in 2011.

The lender had 136,000 customer accounts at the end of 2012, up from 48,000 a year earlier.

Metro Bank made a pre-tax loss of £45.7m in 2012, up from £33m in 2011.

Chairman Vernon Hill says: “We launched Metro Bank in July 2010 to bring a better banking experience to the UK, one that is focused on providing customers with an unparalleled level of service and convenience.

“Since launch, we have seen both business and personal customers flock to us for exactly this reason, and as a result we have grown ahead of plan, with further significant growth in 2012.”

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