Metro Bank H1 revenues grow amid 'challenging environment'

(Sharecast News) - Retail banking company Metro Bank said on Wednesday that interim revenues had improved over the six months ended 30 June.
Metro Bank posted interim underlying revenues of £179.8m, up roughly £26.5m year-on-year, while first-half pre-tax losses contracted approximately £100.0m to £138.9m.

The London-listed firm highlighted that its total underlying revenue performance demonstrated the recovery of "a significant portion" of income foregone from its mortgage disposal in December 2020. Adjusting for the disposal, revenue improved 47% year-on-year.

Assets ticked up 2% over the half to £23.0bn, while loans increased 7% year-on-year to £16.6bn.

Chief executive Daniel Frumkin said: "In a challenging environment, Metro Bank has continued to deliver on its strategic priorities. As a community bank our colleagues have gone above and beyond for our customers and we've enhanced product offerings to meet more of our customers' needs. Financial performance reflects where we are in our turnaround plan, as well as the impact of national lockdowns.

"We are encouraged by the momentum we have achieved, including delivering on higher yielding mortgage products, lower cost of deposits and meaningful entry into the personal lending market. Looking ahead, we remain focused on executing the plan and returning to profitable growth, meeting the bank's strategic objectives and supporting our colleagues, customers and communities."

As of 1055 BST, Metro Bank shares were up 2.92% at 98.55p.