Metro Bank has reported a 197% increase in profits for this year’s third quarter.
Not only did profits soar for the lender but it also added 102,000 new customers in the most previous quarter.
Total customers added at the bank this year are now 300,000 and profits have increased from £13.2 million in the same period last year to £39.2 million in the past three months.
“Nine month and third quarter 2018 results demonstrate continued growth across Metro Bank,” said Metro Bank.
“Recent competitive trends in the mortgage market, however, have persisted despite the base rate increase in August as we have continued to focus on high quality growth of low-risk assets.”
Shares in the group, however, did not jump on the news. Instead, they fell over 11% to 2,276p. This was after the lender’s net interest margin fell from 1.94% to 1.77%.
Craig Donaldson, the Metro Bank’s chief executive, said: “The first nine months of 2018 show another strong performance from Metro Bank.”
“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.”
“Profit trebled to £39.2 million and we welcomed over 300,000 new customer accounts.”
The bank now has over 1.5 million customers and 60 stores across the UK.
Shares in the group (LON: MTRO) are closed on Wednesday down -12.28%.