Metropolitan Bank falls after Q3 profit miss

Metropolitan Bank Holding

18/10/2024 18:01

** Metropolitan Bank's  MCB.N  shares fall as much as 6.4%,
last down 5.2% to $59.25
    ** Company on Thursday reported Q3 profit of $1.08/shr vs
est $1.55/shr - LSEG
    ** Q3 non-interest expense jumped to $51.3 mln from $30.9
mln, largely driven by a $10 mln regulatory reserve
    ** Bank set aside $10 mln to resolve an investigation with a
state agency connected to a fintech client it worked with in
2020 - CEO Mark DeFazio
    ** Piper Sandler says the $10 mln reserve caught the
brokerage by surprise, adding that it had thought the regulatory
issues were in the rearview mirror
    ** As of last close, MCB shares up 12.9% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))