In Britain Lender Metro Bank's Q1 loss narrows

Net lending more than doubled to 4.1 billion pounds. Total deposits jumped 75 percent to 5.9 million pounds.

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Electronic information boards display market information at the London Stock Exchange in the City of London January 2, 2013. REUTERS/Paul Hackett play Electronic information boards display market information at the London Stock Exchange in the City of London January 2, 2013. REUTERS/Paul Hackett
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British lender Metro Bank Plc's first-quarter underlying loss after tax narrowed, driven by strong growth in residential mortgages and commercial lending.

The company, Britain's first new High Street bank in over 100 years, said underlying loss after tax narrowed to 7.9 million pounds ($11.3 million) in the quarter ended March 31, from 8.5 million pounds a year earlier.

Net lending more than doubled to 4.1 billion pounds. Total deposits jumped 75 percent to 5.9 million pounds.

Metro Bank, which listed on the London Stock Exchange in March, said total revenue rose 60 percent to 37.7 million pounds.

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