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Metro Bank on track for FY after 'significant' increase in Q1 underlying profit
(Sharecast News) - Metro Bank said on Thursday that it remains confident of meeting full-year guidance as it reported a "significant" increase in first-quarter underlying profit versus the second half of 2024. In a first-quarter trading update, the bank put the jump in profit down to structurally higher net interest margin, driven by continued asset rotation and deposit optimisation.
Total net loans as at the end of March were £8.5bn, down 6% from the end of December last year. Metro said this reflects the £584m sale of its personal loan portfolio.
Customer deposits fell 4% to £13.8bn, driven by maturities of higher cost fixed-term deposits and continued focus on reducing excess liquidity and cost of deposits.
Chief executive Daniel Frumkin said: "During the first quarter of 2025, we have continued to deliver the strategic repositioning of Metro Bank's business, maintaining strong cost control while driving higher net interest margin by changing the mix of assets and remaining disciplined about deposits.
"We have seen further growth in our corporate and commercial lending, with Metro Bank's relationship banking and breadth of services creating differentiation for us in the market.
"Looking ahead, we will continue to play an important role in supporting our customers as the UK focuses on delivering economic growth. We remain firmly on track to meet our guidance given at full year."
At 0950 BST, the shares were up 3.3% at 107.60p.
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