Selfie’s to spur Metro growth after reporting record quarter

Metro Bank today unveiled a fresh quarter of record profits after this week warding off the threat of a shareholder revolt.

Some 88,000 new accounts were opened with the challenger bank in the first three months of 2018. Metro's loan booked smashed through the £10bn barrier – this is 69 per cent up on the same time last year and 14 per cent higher than at the end of December 2017.

Revenue rose by 48 per cent to £91.8m. Underlying profit before tax swelled 406 per cent to £10m.

Earlier this year Metro posted its first ever full-year of profits.

The results come after Metro chairman Vernon Hill avoided a shareholder revolt on Tuesday. Hill had come under fire from institutional shareholders for payments made to his wife's architectural firm. But 96 per cent of investors backed Hill's reappointment at its annual general meeting yesterday.

Hill today said Metro was a "bank that keeps on giving", hailing its "unrelenting focus on service, our distinctive culture and combination of physical and digital services".

Read more: Metro Bank bosses fend off potential shareholder revolt with ease

Selfie

As fellow challenger TSB grapples with IT challenges, Metro chief exec Craig Donaldson said the bank would "invest significantly" in its digital services.

These included a "selfie" tool, allowing new customers to verify their identity for opening a new account online.

He said: "Our artificial intelligence "Insights" tool will be launched this summer on our already award-winning mobile app. We're extending the store footprint into thriving towns and cities in the west and Midlands while strengthening our presence on the south coast, with five stores already in build."

Read more: Metro Bank reveals first ever annual profit as deposits grow by almost half

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