Of Special Interest
12th July 2011
Metro small loss for period till end of 2010
Metro Bank reported a net LOSS of £23.4m (€26.2m $37.3m ¥3,038m Y241.2m) for the 16 months up till December 31st 2010. It waited till the end of June, the full period allowed under small business law, to file its accounts. The bank commented the results were in line with the business plan and reflected the significant investments made in the start up. It had collected almost £18m in deposits by 2010 year end. Metro opened its first branch, or store as it prefers to call them, in July 2010. It has eight in operation currently with four in preparation to open and is hoping for a further four premises to be selected, prepared and opened by year end.
Metro is the first totally new banking operation in the UK for many years. Its strategy has been to focus as a community customer focused retail bank. Its open longer hours including Sundays and is focused on welcoming everyone to the branch. Unlike its established competitors it focuses on local decision making. The bank is seeking to have 40 stores / branches in operation by the end of 2014 and over 200 by 2020. The bank is focusing on the grater London area for the next few years. It is intent on growing organically and is not seeking acquisitions.