REG-Metro Bank Holdings PLC Third Quarter 2024 Trading Update

Metro Bank HoldingsAnnouncement

12/11/2024 07:15

============

   Metro Bank Holdings PLC (MTRO)
   Third Quarter 2024 Trading Update

   12-Nov-2024 / 07:05 GMT/BST

   ══════════════════════════════════════════════════════════════════════════

                                                                             

                                                      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

                                        

                            30       30                   30
                                           Change from           Change from
                         September  June               September
   £ in millions                             H1 2024               Q3 2023
                           2024     2024                 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

    1 IR@metrobank.plc.uk

    

   Metro Bank Holdings PLC Media Relations

   Mona Patel

   +44 (0) 7815 506845

    2 pressoffice@metrobank.plc.uk

    

   Teneo

   Anthony Di Natale / Iain Dey

   +44 (0) 7880 715 975 / +44 (0) 7976 295906

    3 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
    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.

    

    

    

    

   ══════════════════════════════════════════════════════════════════════════

   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   ISIN:           GB00BMX3W479
   Category Code:  QRT
   TIDM:           MTRO
   LEI Code:       984500CDDEAD6C2EDQ64
   OAM Categories: 1.2. Half yearly financial reports and audit
                   reports/limited reviews
   Sequence No.:   358403
   EQS News ID:    2027509


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    5 fncls.ssp?fn=show_t_gif&application_id=2027509&application_name=news&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1

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=ac50e6f85dfb73f4fd992d1146c5a526&application_id=2027509&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news


============