TIDMMTRO
RNS Number : 0330M
Metro Bank PLC
06 May 2020
Metro Bank PLC (LSE: MTRO LN)
6 May 2020
First Quarter 2020 Trading Update
During this challenging time for the UK our priority remains
supporting our customers, our colleagues and our communities. All
our stores have remained open. Colleagues are working with
customers whose personal or business finances have been impacted to
ensure they benefit from the most appropriate support. The bank has
also put in place new processes for more vulnerable customers to
access cash and dedicated times to call. The business has proved
its resiliency, with digital services and back office functions
continuing to perform well throughout.
31 31 Change from 31 Change from
GBP in millions March December full year March Q1 19
2020 2019 19 2019
Assets GBP21,291 GBP21,400 (1%) GBP22,194 (4%)
Loans GBP14,512 GBP14,681 (1%) GBP15,167 (4%)
Deposits GBP14,554 GBP14,477 1% GBP15,095 (4%)
Loan to deposit
ratio 100% 101% (1pp) 100% -
------------------- ---------- ---------- ------------ ---------- ------------
Q1 total deposits were GBP14,554 million, up GBP77 million since
31 December 2019 , reflecting growth in retail savings accounts,
despite a reduction in fixed term deposit rates to more normalised
levels in the market. Total deposits remained stable in April.
Q1 total net loans were GBP14,512 million, GBP169 million below
the 31 December position , following proactive management of
lending growth. The loan to deposit ratio reduced to 100% at the
end of the quarter.
Capital and MREL ratios remain in excess of regulatory minima
following close control of growth in risk weighted assets (RWAs) .
Liquidity coverage ratio was again strong, closing the quarter
above 197% reported at December 2019.
COVID-19. The bank is supporting customers' requests for
repayment holidays, participating in the Coronavirus Business
Interruption Loan Scheme and applying to participate in the Bounce
Back Loan Scheme.
The impact of COVID-19 has been, and continues to be, rapidly
evolving and difficult to predict with any certainty. An update on
the impacts of the pandemic and its economic consequences will be
provided at the H1 results.
Daniel Frumkin, Chief Executive Officer at Metro Bank said:
"Our colleagues have shown incredible commitment to serving our
customers and communities in the face of the challenges caused by
COVID-19, and we are doing everything we can to meet customer needs
through all our channels. Despite the unfolding situation, I'm
pleased that deposits continued to grow in the first quarter. Our
ambition to become the UK's best community bank has never been more
important, and we've made early progress on the strategic
initiatives announced earlier in the year."
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
Tina Coates / Abigail Whittaker
+44 (0) 7811 246016 / +44 (0) 7989 876136
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 is celebrated for its exceptional customer
experience. Its mobile app and online service achieved the top spot
in the Competition and Market Authority's Service Quality Survey
among personal and business current account holders in February
2020; the bank also ranked in the top two for overall service and
store service for personal and business customers. It was awarded
'Best All Round Personal Finance Provider' at the Moneynet Personal
Finance Awards 2019.
Offering retail, business, commercial and private banking
services, it prides itself on giving customers the choice to Bank
however, whenever and wherever they choose. Whether that's through
its network of stores open seven days a week, early until late, 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.
The bank employs around 3,500 colleagues and is headquartered in
Holborn, London.
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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