RNS Number : 4428J

Metro Bank PLC

27 April 2022

Metro Bank PLC (LSE: MTRO LN)

27 April 2022

First Quarter 2022 Trading Update

                         31          31       Change from      31       Change from 
   GBP in millions      March      December     FY 2021       March       Q1 2021 
                         2022        2021                      2021 
 Assets               GBP22,727   GBP22,587       1%        GBP22,899      (1%) 
 Loans                GBP12,340   GBP12,290       0%        GBP12,046       2% 
 Deposits             GBP16,498   GBP16,448       0%        GBP16,412       1% 
 Loan to deposit 
  ratio                  75%         75%          0pp          73%          2pp 
-------------------  ----------  ----------  ------------  ----------  ------------ 

Total deposits of GBP16,498 million remained flat during Q1 with continued mix improvement . Growth across business and retail customers' instant access and current accounts continued as well as a further reduction in higher-cost fixed term deposits, in line with the Bank's strategic plan. Prioritising the high-quality deposit mix over expansion remains the focus during 2022.

Q1 total net loans were also broadly flat over the period at GBP12,340 million. Continued strong growth in consumer lending and specialist mortgages offset the attrition of lower-yielding residential mortgages and commercial term loans. Credit impairments remain benign. The loan to deposit ratio in Q1 remained flat at 75% following stable loan and deposit balances, while the year-on-year increase reflects the higher loan growth.

Delivery of the Bank's strategic plan remains on track with continued momentum in underlying performance through the first quarter of 2022. Management remains focused on returning the Bank to profitability by delivering higher margins through unsecured and specialist mortgage lending, as well as tight cost control. The Bank continues to operate within its MREL capital buffers(1) .

   1.     Based on current capital requirements excluding any confidential PRA buffer, if applicable 

Daniel Frumkin, Chief Executive Officer at Metro Bank, said:

"Metro Bank has delivered a solid quarter, as we continue to accelerate the shift of our balance sheet, with improved yields achieved from specialist mortgages and unsecured lending, alongside lower cost of deposits and tight cost control. We remain focused on executing our plans and returning the Bank to profitable growth whilst supporting our customers, communities and colleagues in what continues to be a changing macro-economic environment."

For more information, please contact:

Metro Bank PLC Investor Relations

Jo Roberts

+44 (0) 20 3402 8900


Metro Bank PLC Media Relations

Mona Patel

+44 (0) 7815 506845



Charles Armitstead / Haya Herbert Burns

+44 (0) 7703 330269 / +44 (0) 7342 031051



About Metro Bank

Metro Bank services 2.5 million customer accounts and is celebrated for its exceptional customer experience. It is the highest rated high street bank for overall service quality and best bank for service in-store for personal and business customers, in the Competition and Market Authority's Service Quality Survey in February 2022. It was recognised as 'Bank of the Year' at the 2020 MoneyAge Awards and 'Banking Brand of The Year' at the Moneynet Personal Finance Awards 2021, received Gold Award in the Armed Forces Covenant's Employer Recognition Scheme 2021 and won Best Open Banking Partnership - Commercial at the inaugural Open Banking Expo Awards 2021.

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 79 stores open seven days a week, 362 days a year; on the phone through its UK-based 24/7 contact centres; or online through its internet banking or award-winning mobile app: the bank offers customers real choice.

Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. 'Metrobank' is the registered trademark of Metro Bank PLC.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Most relevant 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 PLC 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

April 27, 2022 02:00 ET (06:00 GMT)

Grafico Azioni Metro Bank (LSE:MTRO)
Da Dic 2022 a Gen 2023 Clicca qui per i Grafici di Metro Bank
Grafico Azioni Metro Bank (LSE:MTRO)
Da Gen 2022 a Gen 2023 Clicca qui per i Grafici di Metro Bank