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Jan. 23, 2019, 2:59 a.m. EST

Metro Bank profit weak in 4Q, doubled in 2018

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By Adam Clark

Metro Bank PLC (MTRO.LN) said Wednesday that its 2018 profit more than doubled despite weaker growth in the final quarter.

The U.K. lender said it expects to report an underlying pretax profit of 50 million pounds ($64.6 million) for 2018, up from GBP21 million in 2017.

Analysts currently forecast a 2018 adjusted pretax profit of GBP55.4 million for the bank, according to a FactSet consensus of five estimates. Metro Bank said its profit growth softened as the final quarter progressed.

For the year, the lender reported 34% growth in deposits to GBP15.7 billion and a 48% rise in customer loans to GBP14.2 billion. Metro Bank now has 66 branches across the U.K. and seven more at the stage of construction or advanced planning.

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