REG - Metro Bank PLC - First Quarter 2022 Trading Update

Metro Bank HoldingsAnnouncement

27/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220427:nRSa4428Ja&default-theme=true

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

 £ in millions          March     December   FY 2021      March     Q1 2021

                        2022      2021                    2021

 Assets                 £22,727   £22,587    1%           £22,899   (1%)
 Loans                  £12,340   £12,290    0%           £12,046   2%
 Deposits               £16,498   £16,448    0%           £16,412   1%
 Loan to deposit ratio  75%       75%        0pp          73%       2pp

 

 

Total deposits of £16,498 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 £12,340 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

jo.roberts@metrobank.plc.uk

 

Metro Bank PLC Media Relations

Mona Patel

+44 (0) 7815 506845

pressoffice@metrobank.plc.uk

 

Teneo

Charles Armitstead / Haya Herbert Burns

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

Metrobank@teneo.com

 

ENDS

 

 

 

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
(http://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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTPPUUACUPPGMQ