StockMarketWire.com - Challenger bank Metro Bank said it more than doubled its third quarter profits as it surpassed the 1.5m customer mark.

Pre-tax profit for the three months through September jumped to £10.0m, up from £4.7m on-year.

For the first nine months of the year, profit more than tripled to £25.1m.

Deposits grew 38% in the third quarter to £14.8bn, loans grew 52% to £13.1bn and assets grew 41% to £20.6m.

For the first nine months of the year, however, the bank's net interest margin had contracted by 15 basis points to 1.82%.

'Recent competitive trends in the mortgage market have persisted despite the base rate increase in August as we have continued to focus on high quality growth of low risk assets, the company said.

Chief executive Craig Donaldson said the first nine months of 2018 showed another strong performance from the company.

'We delivered double digit growth in deposits, record lending growth year-on-year and for the fourth successive quarter exceeded £1 billion in net lending,' he said.



Story provided by StockMarketWire.com