Metro Bank lending doubles ahead of IPO

British lender Metro Bank said lending has doubled in the 12 months to September, as the bank prepares for an initial public offering.

In a statement released on Tuesday, the lender said loans to businesses and consumer rose from £1.4 to £3m at the end of the third quarter, while deposits rose 87% to £4.4bn in the year through to end of September and the number of checking accounts increased 51% to 601,000.

Total assets, meanwhile, grew to £5.4bn.

“We’re continuing to grow at an ever impressive rate,” said group chairman Vernon Hill.

“UK banking customers have long been crying out for a better service and we’re here to provide it.”

According to sources cited by Bloomberg, the bank, which is backed by a host of wealthy American businessmen, has appointed Goldman Sachs Group, Bank of America Merrill Lynch and Royal Bank of Canada as advisers ahead of a planned share sale next year.