You are here: Home - Investing - Experienced Investor - News -

Metro Bank’s Vernon Hill survives shareholder rebellion

Written by: Owain Thomas
Metro Bank chairman and founder Vernon Hill has survived a shareholder rebellion over the £21m of services contracted to his wife’s design and architecture firm.

Earlier this month Royal London Asset Management (RLAM) said it would be voting against Hill’s reappointment as chairman and his remuneration, alongside several other motions, at the bank’s annual general meeting (AGM).

However, RLAM appears to have been unable to gain much support from fellow shareholders as all the resolutions proposed at the AGM yesterday were passed with at least 93% support.

After the AGM, Hill said: “We are grateful for the continued overwhelming support demonstrated today by our investors.

“Every resolution was passed by 93% or more, proof our investors continue to support the strategic direction and robust governance framework of Metro Bank.”

Mortgage loan book

Metro Bank has also revealed it grew its residential mortgage loan book, including an asset purchase, by £1.1bn in the first three months of 2018 to £7.3bn, however the lender has not published a gross lending figure for the quarter.

Its book was boosted by the purchase of a £523m buy-to-let loan portfolio from Capital Home Loans in February.

Metro Bank said: “The purchased portfolio consists predominantly of seasoned mortgages and has a similar credit risk profile to our current loan book.”

Last month it also announced its expansion into Scotland.

Overall the bank saw pre-tax profits rise to £10m, up 21% from £8.3m in the final three months of 2017, however following the figures its share price dropped 11% in morning trading to 3,118p.

Twelve store openings are planned for 2018 starting with its 56th store in Watford in May as the bank continues to expand.

In the first quarter, Metro Bank saw a 69% growth in all lending and 41% growth in deposits year-on-year with 88,000 new customer accounts.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
80,000 could lose mortgage interest support following policy change

More than 80,000 could have support for their mortgages cut off as part of changes to the Support for Mortgage...