April 25, 2018 / 6:25 AM / 7 months ago

British lender Metro Bank's Q1 profit jumps

April 25 (Reuters) - British lender Metro Bank Plc posted a more than five-fold jump in first-quarter underlying pretax profit, driven by strong lending growth and a rise in customer numbers, and said it expected to raise capital this year.

Metro Bank, which was founded in the summer of 2010 to help break up the dominance of Britain’s biggest banks, said underlying pretax profit was 10 million pounds ($14 million) in the quarter ended March, compared with 2 million pounds a year earlier.

The company, Britain’s first new High Street bank in more than 100 years, said lending rose 66 percent to 11 billion pounds, helped in part by the acquisition of a mortgage portfolio. Customer accounts rose by 88,000 to 1,305,000. ($1 = 0.7161 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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