Wednesday2 Aug 2020 14:31
https://m.uk.investing.com/analysis/the-week-ahead-global-pmis-bp-cineworld-and-disney-results-200444747
“Metro Bank half-year results
Wednesday: Having posted a £130m loss at the end of its last financial year, the new management of Metro Bank (LON:MTRO) were probably hoping that this year would bring about a change of fortune. The departure of chief risk officer, Graham McGirr, a week before he was due to take up the role, only added to the concerns about the governance of the company as it seeks to restore trust under new CEO Dan Frumkin. In Metro Bank’s Q1 update, there was little change from its Q4 numbers, with a 1% decline in loans and a 1% rise in deposits. In June the bank announced it was in exclusive talks to buy unsecured lending company RateSetter, which specialises in car financing as well as peer-to-peer lending. This seems a risky move; such uncertain times come with a much higher degree of risk that these sorts of loans could go badly. The bank isn’t expected to return to profit much before 2022, and with loan demand set to remain weak, there is a risk the bank may have to set aside some provisions for non-performing loans as well.”