(Reuters) - British lender Metro Bank Plc's (L:MTRO) 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, said underlying loss after tax was 7.9 million pounds in the quarter ended March 31, compared with 8.5 million pounds a year earlier.
Metro Bank said its statutory loss, which includes the costs associated with its initial public offering, was 11.1 million pounds.
Jefferies analysts said that Metro 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 pounds. Total deposits jumped 75 percent to 5.9 million pounds.
Metro Bank, Britain's first new High Street bank in over 100 years, said total revenue rose 60 percent to 37.7 million pounds during the quarter.
The company said customer accounts rose 9.5 percent to 717,000 as at March 31 from last year-end.
Metro Bank shares, which have fallen about 8 percent since listing, were up 0.4 percent at 2016 pence at 0716 GMT.