| Metro Bank Holdings PLC (MTRO)
Metro Bank Holdings PLC Trading Update Q1 2024 30 April 2024
Metro Bank Holdings PLC (LSE: MTRO LN) (“Metro Bank”)
First Quarter 2024 Trading Update
Total deposits of £16.2 billion increased by £0.6 billion from the full year position reflecting the continued success of the deposit campaign launched in the fourth quarter. The significant levels of liquidity raised in Q4 2023 now enable the Group to focus on low-cost relationship deposits to manage down the cost of funding. Deposits decreased by over £0.2 billion in March.
The underlying service-led core deposit franchise saw continued growth during the quarter, increasing by more than 50,000 personal and business current accounts.
Total lending of £11.8 billion is down compared to the full year position as the bank strategically repositions its balance sheet towards higher yielding Specialist Mortgages and SME/ Commercial lending. The focus remains on optimising risk-adjusted returns on regulatory capital to improve margins and profitability.
Daniel Frumkin, Chief Executive Officer at Metro Bank, said: “Following the successful deposit campaign launched in Q4, we have implemented our plans to reduce cost of deposits and optimise our elevated liquidity position; this led to a modest reduction of higher cost deposits in March. Lending activity levels are in line with expectations and the pivot to higher margin commercial and residential lending progresses, with lending balances reflecting the time lag between committing facilities and subsequent draw down. During the period we also maintained our focus on people-people banking and relationship-based services, with further growth across personal and business current accounts. Based on performance in the first quarter we remain confident that financial results will continue to improve throughout 2024 as we optimise funding, deliver on cost savings, continue our asset rotation and benefit from lower yielding fixed rate treasury and mortgage maturities.”
Enquiries
For more information, please contact:
Metro Bank PLC Investor Relations Paul Beaumont / Stella Gavaletakis +44 (0) 20 3402 8900
Metro Bank PLC Media Relations Mona Patel +44 (0) 7815 506845
Teneo Haya Herbert-Burns / Anthony Di Natale +44 (0) 7342 031051/ +44 (0) 7880 715 975
ENDS
About Metro Bank
Metro Bank services over three million customer accounts and is celebrated for its exceptional customer experience. It remains one of the highest rated high street banks for overall service quality for personal customers, the best bank for service in-store for business customers and joint top for service in-store for personal customers, in the Competition and Markets Authority’s Service Quality Survey in February 2024.
Metro 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.
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 76 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 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. Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | GB00BMX3W479 |
| Category Code: | QRF |
| TIDM: | MTRO |
| LEI Code: | 984500CDDEAD6C2EDQ64 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 318626 |
| EQS News ID: | 1892211 |
| End of Announcement | EQS News Service |
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UK Regulatory announcement transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.