Metro Bank PLC Third Quarter 2021 Trading Update (5926P)
October 20 2021 - 1:00AM
UK Regulatory
TIDMMTRO
RNS Number : 5926P
Metro Bank PLC
20 October 2021
Metro Bank PLC (LSE: MTRO LN)
20 October 2021
Third Quarter 2021 Trading Update
30 30 Change from 30 Change from
GBP in millions September June half year September Q3 2020
2021 2021 2021 2020
Assets GBP22,767 GBP23,013 (1)% GBP22,140 3%
Loans(1) GBP12,315 GBP12,325 0% GBP15,085 (18%)
Deposits GBP16,412 GBP16,620 (1)% GBP15,622 5%
Loan to deposit
ratio 75% 74% 1pp 97% (22)pp
------------------- ----------- ---------- ------------ ----------- ------------
Q3 total deposits of GBP16,412 million were 1% below Q2 as the
Bank managed the deposit mix, and benefitted from the continued
roll-off of higher-cost fixed term deposits and growth in current
account and instant access balances. Maintaining a high-quality
deposit mix remains a near-term focus for 2021.
Q3 total net loans of GBP12,315 million were broadly flat and
reflected growth in consumer unsecured lending and specialist
mortgages, offset by the attrition of lower-yielding residential
mortgages and commercial term loans including the initial repayment
of BBLS(2) . Front-book yield continued to improve benefitting from
the mix shift towards higher-yielding lending categories, partially
offset by pricing pressures in the mortgage market. Credit
impairments were benign, in line with guidance provided at the half
year. The year-on-year decrease in loan to deposit ratio reflected
the GBP3.1 billion mortgage portfolio disposal completed in
February 2021 and the increase in deposits in the period. The Bank
continues to hold an elevated liquidity position.
The Bank's MREL resources currently exceed its requirement of
20.5%(3) , however as indicated at the half year, the Bank is
comfortable operating within buffers.
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
"The Bank has continued to deliver against its strategic
priorities during the quarter. We have seen improvements in our
lending mix from our expanded product offering. We are seeing signs
of a gradual return to normality and have adopted a hybrid way of
working for office-based colleagues. We remain focused on executing
on our plans and returning the Bank to sustainable profitable
growth."
1. At 30 September 2020 the loans balance includes GBP3.1
billion of mortgages since disposed, the disposal completed on 2
February 2021
2. Government supported Business Bounce Back Loans
3. MREL requirement of 18.0% plus capital conservation buffer
(CCoB) of 2.5%, excluding any confidential PRA buffer, if
applicable
For more information, please contact:
Metro Bank PLC Investor Relations
Jo Roberts
+44 (0) 20 3402 8900
IR@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 more than two 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
August 2021. 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 78 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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