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LONDON (Alliance News) - Metro Bank PLC said Wednesday its trading in the fourth quarter followed the trends it experienced in the firth three quarters, with loans and deposits seeing a sharp rise.
Shares in FTSE 250-listed Metro Bank were down 28% Wednesday morning at 1,590.00 pence each, the worst performer in London's mid cap index.
In the year ended December 31, the retail bank's underlying pretax profit more than doubled to GBP50 million from GBP21 million the year before.
Metro ended 2018 with loans of GBP14.2 billion compared to GBP9.6 billion at the end of 2017, a 48% increase. The bank's customer loans increased GBP1.1 billion in the fourth quarter.
The challenger bank's deposits increased 34% in 2018 to GBP15.7 billion from GBP11.7 billion. Metro Bank's deposit growth per store per month however slowed to GBP5.9 million from GBP6.3 million.
"2018 was another strong year of growth for Metro Bank as we continued to invest in both new stores and digital capabilities to win customers, deposits, assets and to create fans. Metro Bank remains well positioned to support our growth strategy as we navigate an uncertain period for the UK," said Chief Executive Officer Craig Donaldson.
Metro ended the year with assets worth GBP21.7 billion, a 32% increase compared to GBP16.4 billion assets the year before. The retail bank's risk weighted assets are expected to be about GBP8.9 billion at year end. The increase is attributed to net loan growth and an adjustment in the risk weighting of certain commercial loans.
Metro's capital ratio at December 31 is about 15.8% with a load to deposit ratio of 91%.
Metro Bank ended the quarter with 66 stores, with a further seven openings planned.
Metro Bank is expected to announce it full annual results on February 27.
