Metro Bank PLC First Quarter 2022 Trading Update (4428J)
27 Abril 2022 - 01:00AM
UK Regulatory
TIDMMTRO
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
GBP in millions March December FY 2021 March Q1 2021
2022 2021 2021
Assets GBP22,727 GBP22,587 1% GBP22,899 (1%)
Loans GBP12,340 GBP12,290 0% GBP12,046 2%
Deposits GBP16,498 GBP16,448 0% GBP16,412 1%
Loan to deposit
ratio 75% 75% 0pp 73% 2pp
------------------- ---------- ---------- ------------ ---------- ------------
Total deposits of GBP16,498 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
GBP12,340 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 . 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.
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END
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