Metro Bank Holdings PLC
Trading Update Q3 2024
12 November 2024
Metro Bank Holdings PLC (LSE: MTRO
LN) (“Metro Bank”)
-
During October,
Metro Bank was profitable on an underlying basis and profits are in
line with guidance for 2025 of mid-to-upper single digit
RoTE
-
NIM improved to
2.48% during October, up 84bps since H1 2024
-
This delivers the
2024 guidance previously provided. Metro Bank reconfirms all
forward guidance provided at half-year results
Third Quarter 2024 Trading
Update
|
£ in millions
|
30
September
2024
|
30
June
2024
|
Change from
H1 2024
|
30
September
2023
|
Change from
Q3 2023
|
|
|
|
|
|
|
|
|
Assets
|
£20,804
|
£21,489
|
(3%)
|
£21,606
|
(4%)
|
|
Loans
|
£9,059
|
£11,543
|
(22%)
|
£12,513
|
(28%)
|
|
Deposits
|
£15,084
|
£15,726
|
(4%)
|
£15,612
|
(3%)
|
|
Loan to deposit ratio
|
60%
|
73%
|
(13pp)
|
80%
|
(20pp)
|
Total net loans as at 30 September 2024 were £9.1 billion,
down 22% compared to half year (30 June 2024: £11.5 billion),
reflecting the successful completion of the £2.5[1] billion
mortgage portfolio disposal. The bank continues to
strategically reposition its balance sheet towards higher
yielding commercial, corporate, SME and specialist
mortgages.
Customer deposits of £15.1 billion at 30 September 2024, down
£1.4 billion on February 2024 peak of c.£16.5 billion (30 June
2024: £15.7 billion), reflect the continued focus on improving cost
of deposits.
As separately announced today, the Financial Conduct
Authority has completed its enquiries regarding Metro Bank’s
historic financial crime systems and controls.
Daniel Frumkin, Chief Executive
Officer of Metro Bank, said:
“Metro Bank continued to make
strong progress during the third quarter, including the
announcement of our collaboration with Infosys to create a simpler,
more agile and digitally enabled bank for the future.”
“The bank returned to profitability in October,
in line with guidance, and thanks to our continued emphasis on cost
discipline and balance sheet management. NIM improved, driven by
our asset rotation into niche and underserved markets, and the
successful completion of the mortgage portfolio sale to
NatWest.”
“We have positive momentum moving
forward, with strong cost control and a robust pipeline supporting
our pivot towards higher yielding commercial, corporate, SME and
specialist mortgages – areas where our established relationship
banking model positions us to win and create new FANS.”
[1]
Cut-off as at 31-Mar-24
Enquiries
For more information, please contact:
Metro Bank
Holdings PLC Investor Relations
Paul Beaumont / Stella Gavaletakis
+44 (0) 20 3402 8900
IR@metrobank.plc.uk
Metro Bank
Holdings PLC Media Relations
Mona Patel
+44 (0) 7815 506845
pressoffice@metrobank.plc.uk
Teneo
Anthony Di Natale / Iain Dey
+44 (0) 7880 715 975 / +44 (0) 7976 295906
Metrobank@teneo.com
ENDS
About Metro Bank
Metro Bank is celebrated for its exceptional customer
experience. It was named as the best bank for service in-store for
business customers in the Competition and Markets Authority’s
Service Quality Survey in August 2024.
Since 2012, Metro Bank has originated and approved just over
£10bn in commercial lending.
The community bank offers retail, business, commercial and
private banking services, and prides itself on giving customers the
choice to bank however, whenever and wherever they choose, and
supporting the customers and communities it serves. Whether that’s
through its network of 75 stores; on the phone through its UK-based
contact centres; or online through its internet banking or
award-winning mobile app, the bank offers customers real
choice.
Metro Bank is a multi award winning
organisation. The Bank has also
been awarded “Large Loans Mortgage Lender of the Year”, 2024 and
2023 Mortgage Awards, accredited as a top ten Most Loved Workplace
2023, “2023 Best Lender of the Year – UK” in the M&A Today,
Global Awards, the “Inclusive Culture Initiative Award” in the 2023
Inclusive Awards, “Diversity, Equity & Inclusion Award” and
“Leader of the Year Award 2023” at the Top 1% Workplace Awards,
“Best Women Mortgage Leaders in the UK” from Elite Women 2023,
“Diversity Lead of the Year”, 2023 Women in Finance, Best Large
Loan Lender, 2023 Mortgage Strategy Awards, “Best Business Credit
Card”, Forbes Advisor Best of 2023 Awards, “Best Business Credit
Card”, 2023 Moneynet Personal Finance Awards.
Metro Bank Holdings PLC (registered in England and Wales with
company number 14387040, registered office: One Southampton Row,
London, WC1B 5HA) is the listed entity and holding company of Metro
Bank PLC.
Metro Bank PLC (registered in England
and Wales with company number 6419578, registered office: One
Southampton Row, London, WC1B 5HA) is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct
Authority and Prudential Regulation Authority. ‘Metrobank’ is a
registered trademark of Metro Bank PLC. Eligible
deposits are protected by the Financial Services Compensation
Scheme. For further information about the Scheme refer to the FSCS
website www.fscs.org.uk. All Metro Bank products are subject to status and
approval.
Metro Bank is an independent UK bank – it is not affiliated
with any other bank or organisation (including the METRO newspaper
or its publishers) anywhere in the world. Please refer to Metro
Bank using the full name.