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MTRO - Metro Bank News Story

182.3p 0.6  0.3%

Last Trade - 06/12/19

Sector
Financials
Size
Small Cap
Market Cap £314.3m
Enterprise Value £563.3m
Revenue £404.1m
Position in Universe 683rd / 1840

Embattled lender Metro Bank swings to loss in third quarter

Wed 23rd October, 2019 5:16pm
Oct 23 (Reuters) - Metro Bank  MTRO.L  swung to a loss for
the third quarter as the troubled lender scrambled to save face
after customers began to withdraw billions of pounds following
an accounting scandal earlier this year.
    The accounting error, disclosed in January, has wiped nearly
90% off the company's share value so far in 2019.
    The lender reported an underlying loss before tax of 2.2
million pounds ($2.84 million) for the three months ended Sept.
30, compared with a profit of 15.1 million pounds a year
earlier.  urn:newsml:reuters.com:*:nRSW9197Qa
    That reflected the impact of steps taken to strengthen the
bank's balance sheet, including a one-off charge of 2.5 million
pounds following a 521 million pound portfolio disposal in July.
    Earlier on Wednesday, Metro Bank said its founder Vernon
Hill has stepped down as chairman two months earlier than
planned.  urn:newsml:reuters.com:*:nL5N2781ES  
    
($1 = 0.7759 pounds)

 (Reporting by Muvija M in Bengaluru; Editing by Jan Harvey)
 ((muvija.m@tr.com; within UK +44 20 7542 1810, outside UK +91
80 6749 3638;))
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