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
|
£ in millions
|
31
March
2024
|
31
December
2023
|
Change from
Q4 2023
|
31
March
2023
|
Change from
Q1 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
IR@metrobank.plc.uk
Metro Bank PLC
Media Relations
Mona Patel
+44 (0) 7815 506845
pressoffice@metrobank.plc.uk
Teneo
Haya Herbert-Burns / Anthony Di Natale
+44 (0) 7342 031051/ +44 (0) 7880 715 975
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 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.
