Metro Bank to spend £31 million on tech and branch growth after reporting £18.97M loss for FY2011
29 June 2012 | 2687 views | 0
Source: Metro Bank
Metro Bank has today submitted its second set of accounts to Companies House, for the year ending 31st December 2011.
Just 23 months after the UK's most revolutionary bank opened its doors for the first time it now has 12 stores, over 85,000 personal and business accounts and is rapidly growing its deposit and lending base.
Metro Bank recently raised £126 million growth capital from new and existing institutional and personal investors to directly support the bank's rapid growth. In 2011 the bank had a planned and expected loss after tax of £18,966,000, as a direct result of significant investment across the business in building stores, infrastructure and systems to enable continued explosive growth and scale. The bank forecasts spending over £31 million this year on further technology infrastructure and store growth. There are now 12 Metro Bank stores, and by the end of 2012 Metro Bank plans to have opened additional stores across London and the Home Counties. It plans to grow to 200 stores in the Greater London area by 2020.
The first Metro Bank store launched on July 29, 2010 and since then it has grown at a rapid rate ahead of plan. The bank's successful engagement with London businesses means that business lending currently makes up over half of Metro Bank's lending activity.
In October 2011 Metro Bank further strengthened its Non - Executive board through the appointments of Luke Johnson and James Reuben.
Craig Donaldson, Chief Executive of Metro Bank, comments: "We've had unprecedented success since we opened our first store almost two years ago and the customer reaction means we are ahead of our planned targets for both customer accounts and store openings. Thank you to all of our customers and fans who have joined the banking revolution. We have further ambitious expansion plans, and by combining great service with consistent fair rates we will continue to attract loyal customers and fans.