REG-Metro Bank Holdings PLC Metro Bank Holdings PLC: First Quarter 2024 Trading Update

Metro Bank HoldingsAnnouncement

30/04/2024 07:15

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   Metro Bank Holdings PLC (MTRO)
   Metro Bank Holdings PLC: First Quarter 2024 Trading Update

   30-Apr-2024 / 07:00 GMT/BST

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                                                      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

                                        

                           31       31                  31
                                          Change from         Change from
                          March  December              March
   £ in millions                            Q4 2023             Q1 2023
                          2024     2023                2023
                                                               
   Assets                £22,612 £22,245      2%      £22,104     2%
   Loans                 £11,820 £12,297     (4%)     £12,922    (9%)
   Deposits              £16,210 £15,623      4%      £15,596     4%
   Loan to deposit ratio   73%     79%     (6 ppts)     83%    (10 ppts)

    

   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

    1 IR@metrobank.plc.uk  

    

   Metro Bank PLC Media Relations

   Mona Patel

   +44 (0) 7815 506845

    2 pressoffice@metrobank.plc.uk

    

   Teneo

   Haya Herbert-Burns / Anthony Di Natale

   +44 (0) 7342 031051/ +44 (0) 7880 715 975

    3 Metrobank@teneo.com

    

                                      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  4 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.

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
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   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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References

   Visible links
   1. mailto:IR@metrobank.plc.uk
   2. mailto:pressoffice@metrobank.plc.uk
   3. mailto:Metrobank@teneo.com
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=5bcd998b650b8ab26541e03036097ffc&application_id=1892211&site_id=refinitiv2&application_name=news


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