The new kid on the UK banking block, Metro Bank, has reported record growth, following a 128 per cent increase in deposits in 2013 and its assets soaring to £1892 million (about $3145 million) an 145 per cent increase over the year.

The new kid on the UK banking block, Metro Bank, has reported record growth, following a 128 per cent increase in deposits in 2013 and its assets soaring to £1892 million (about $3145 million), up from £771 million at the start of the year - an increase of 145 per cent.

Metro Bank, the first high-street bank to be launched in the UK for over 100 years, said in a statement on its 2013 fourth quarter results that its deposits increased to £1315 million and that total loans including commercial loans grew by a whopping 348 per cent, to £755 million by the end of the year. In addition, the bank also saw its number of clients increased by 102 per cent to 275,000 by end December 2013, and furthermore, to 285,000 to date.

“The revolution continues with substantial growth across deposits and lending, and most importantly customers, who continue to show their support by coming to us for their personal, business and private banking needs,” said chief executive Craig Donaldson.

To those readers who might think that Metro Bank is strictly a commercial bank, they are sorely mistaken. Having conducted an interview with their head of private banking, WealthBriefing has previously learnt that the bank’s private banking division has enjoyed increasing client numbers, and has helped push the banks performance results further upwards. (Read more on that part of the bank here.)

To this end, the 2013 results were also helped by £387.5 million in growth capital raised from new and existing investors. This is the bank’s fourth capital raise and brings the total equity capital raised by the bank to £641 million.

“The funds will be used to support the rapid expansion of Metro Bank, including its retail, commercial, and private banking businesses,” the firm explained in a statement.

At the moment, the bank has 25 stores open to customers across London and the South East. In Q4 2013, new stores opened in Kingston, Cheapside, Windsor and Edgware, and most recently the bank opened in Milton Keynes. In addition, the bank said that the expansion will continue as up to 12 new stores are planned for this year including communities in Epsom, Brighton and a second store in Milton Keynes. The statement also revealed that this would create an additional 500 jobs in 2014.

Growth and strong performance aside, the bank incurred a planned operating loss in the fourth quarter after tax of £10.8 million as a result of its growth initiatives and substantial investment in people, culture, facilities and premises. However, the firm reiterated that its losses “will continue to decline quarter on quarter until it reaches profitability”.