British lender Metro Bank said its first-quarter underlying loss after tax narrowed, driven by strong growth in residential mortgages and commercial lending.
The company, which listed on the London Stock Exchange in March, posted an underlying loss after tax of £7.9m in the quarter ended March 31, compared with £8.5m a year earlier.
Metro Bank said its statutory loss, which includes the costs associated with its initial public offering, was £11.1m.
Analysts said that the bank could break even in the second half and deliver profits in 2017.
The company said net lending more than doubled to £4.1 billion, while total deposits jumped 75% to £5.9m.
Metro Bank, the UK's first new High Street bank in over 100 years, said total revenue rose 60% to £37.7m during the quarter.
Its customer accounts rose 9.5% to 717,000 as at March 31 from the end of last year.
