Metro Bank ‘proves resiliency’ through COVID-19 crisis with 77% deposit growth

Metro Bank has “proved its resiliency” amid the ongoing COVID-19 pandemic with its performance in the first quarter of 2020.

The bank, which has continued to operate during the coronavirus outbreak, has reported an increase in deposits of 77 per cent for the quarter ending March 31, up to £14.5bn.

In contrast, the Q1 total net loans for the bank were £14.5bn, £169m down from Q4 2019, resulting in the bank’s loan to deposit ratio being reduced to 100 per cent.

Daniel Frumkin, chief executive officer at Metro Bank, commented: “Our colleagues have shown incredible commitment to serving our customers and communities in the face of the challenges caused by COVID-19, and we are doing everything we can to meet customer needs through all our channels.

“Despite the unfolding situation, I’m pleased that deposits continued to grow in the first quarter.

“Our ambition to become the UK’s best community bank has never been more important, and we’ve made early progress on the strategic initiatives announced earlier in the year.”

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