April 25, 2018 / 6:40 AM / a month ago

BRIEF-Metro Bank Says Q1 Deposit Growth Of 1.03 Bln STG, Up 41 Pct

April 25 (Reuters) - Metro Bank PLC:

* 1ST QUARTER RESULTS

* Q1 DEPOSIT GROWTH OF £1,033M, UP 41% YEAR-ON-YEAR TO £12.7B

* NET DEPOSIT GROWTH PER STORE PER MONTH OF £6.3M ($8.8M) IN Q1 2018 VERSUS £5.9M ($8.3M) IN Q4 2017

* Q1 LENDING GROWTH OF £1,354M, UP 69% YEAR-ON-YEAR TO £11.0B

* Q1 DEPOSIT GROWTH OF £1,033M, UP 41% YEAR-ON-YEAR TO £12.7B

* Q1 UNDERLYING PROFIT BEFORE TAX 1 AT £10.0M ($14.0M), UP 21% FROM £8.3M ($11.6M) IN Q4 2017

* 88,000 INCREASE IN CUSTOMER ACCOUNTS IN Q1 TO 1,305,000

* INCREASE IN LOAN TO DEPOSIT RATIO TO 86%. ASSET QUALITY REMAINS STRONG; COST OF RISK AT 0.09% IN Q1

* “IN LONDON AND SOUTH EAST - WHICH ACCOUNTS FOR 34% OF UK’S SME MARKET - WE ARE SEEING THOUSANDS OF BUSINESSES SWITCH TO US”- CEO

* WE CONTINUE TO ASSESS APPROPRIATE CAPITAL TO FUND OUR GROWTH AND ANTICIPATE A TIER 2 DEBT ISSUANCE IN 2018

* OUR BID FOR RBS ALTERNATIVE REMEDIES PACKAGE APPLICATION IS PROGRESSING

* COMMON EQUITY TIER 1 CAPITAL AS A PERCENTAGE OF RISK WEIGHTED ASSETS IS 13.6% IN Q1 Source text for Eikon: Further company coverage:

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