Metro Bank has said it will expand its bank branch network across the North of England next year as part of a new, cheaper strategy.

The bank said that future branches, which it calls “stores”, have been redesigned and will be built for “significantly less cost” than previous sites.

Metro says that the new branches, 11 in total, will incorporate break clauses, have less surplus floor space, and more include cost-effective fixtures and fittings.

The news comes as the UK bank shares its latest yearly financial results, recording a profit loss of £50.6 million in 2022.

However, the value of the loss was 70 per cent lower than in 2021, when Metro was under by £171 million.

But the bank did welcome revenue growth of 31 per cent to just over over £522 million.

Metro said the improved accounts were driven by the higher Bank of England base rate, a recovery in customer activity, and the shift in deposit and asset mix.

“I’m pleased with Metro Bank’s performance over the past year and the successful completion of our transformation plan,” said Daniel Frumkin, chief executive, Metro Bank. “We returned to profitability, resolved our legacy issues and further strengthened the foundations for future sustainable growth.”

The chief executive said that while he remains confident about the business he warned of material headwinds including the macroeconomic environment and increasing competition for liabilities.

Metro said that the new branches will be opened in 2024 and 2025.

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