Metro Bank plc (MTRO) Metro Bank plc: First Quarter 2023 Trading
Update 03-May-2023 / 07:00 GMT/BST
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Metro Bank PLC
Trading Update Q1 2023
3 May 2023
Metro Bank PLC (LSE: MTRO LN)
First Quarter 2023 Trading Update
-- The bank was profitable on a statutory basis for the first
quarter of 2023
-- Second consecutive quarter of underlying profitability
-- Net deposit inflows in March and continued strong account
growth
31 31 31
Change from Change from
March December March
GBP in millions Q4 2022 Q1 2022
2023 2022 2022
Assets GBP22,104 GBP22,119 0% GBP22,727 (3%)
Loans GBP12,922 GBP13,102 (1%) GBP12,340 5%
Deposits GBP15,596 GBP16,014 (3%) GBP16,498 (5%)
Loan to deposit ratio 83% 82% 1 ppts 75% 8 ppts
Total deposits of GBP15.6 billion reduced by GBP0.4 billion from
the full year position reflecting seasonal factors, such as tax
payments in January, partially offset by net inflows in March. The
bank re-entered the fixed term deposit market during the quarter as
guided at the full year. The core customer deposit base continues
to be predominantly Retail^1 and SME with low average balances, and
a significant majority of customer deposits are protected by the
Financial Services Compensation Scheme.
The underlying service-led core deposit franchise saw continued
growth in customer numbers during the quarter, opening over 54,000
personal current accounts and 12,000 business current accounts.
Current account openings for the quarter were up 18% compared to
the same period last year and 20% higher than pre-COVID (Q1
2020).
Total lending of GBP12.9 billion remains broadly flat compared
to the full year position as the bank continues to strategically
manage RWA allocation. The focus remains to optimise risk-adjusted
return on regulatory capital to improve margins and profitability.
Retail mortgage lending increased marginally to GBP7.7 billion,
offset by the managed reductions in both Consumer lending to GBP1.4
billion and Commercial lending to GBP3.9 billion.
Profitability and a disciplined approach to asset allocation
have underpinned capital stability, although the bank continues to
operate within its MREL capital buffers2.
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
"Metro Bank has delivered a second consecutive quarter of
underlying profitability and March has been our strongest month of
performance since the turnaround commenced. We continued to attract
more personal and business accounts, demonstrating the strong
appeal of our service-led, community-based model. Whilst we remain
watchful of macroeconomic headwinds, we continue to optimise the
business for improved risk-adjusted returns and are confident in
our plan to become a sustainably profitable growth engine." 1.
Retail customers excluding retail partnerships 2. Based on current
capital requirements excluding any confidential PRA buffer, if
applicable
Enquiries
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 / Mona Patel
+44 (0) 7811 246016 / +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 2.7 million customer accounts and is
celebrated for its exceptional customer experience. It is the
highest rated high street bank for overall service quality for
personal customers and the best bank for service in-store for
personal and business customers, in the Competition and Markets
Authority's Service Quality Survey in February 2023. Metro Bank has
also been awarded "2023 Best Lender of the Year - UK" in the
M&A Today, Global Awards, "Best Mortgage Provider of the Year"
in 2022 MoneyAge Mortgage Awards, "Best Business Credit Card" in
2022 Moneynet Personal Finance Awards, "Best Business Credit Card
2022", Forbes Advisor, "Best Current Account for Overseas Use" by
Forbes 2022 and accredited as a top ten Most Loved Workplace 2022.
It was "Banking Brand of The Year" at the Moneynet Personal Finance
Awards 2021 and received the Gold Award in the Armed Forces
Covenant's Employer Recognition Scheme 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 76 stores open seven days a week, 362 days a
year; on the phone through its UK-based 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. Eligible 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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Dissemination of a Regulatory Announcement, transmitted by EQS
Group. The issuer is solely responsible for the content of this
announcement.
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ISIN: GB00BZ6STL67
Category Code: QRF
TIDM: MTRO
LEI Code: 213800X5WU57YL9GPK89
Sequence No.: 240860
EQS News ID: 1622667
End of Announcement EQS News Service
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May 03, 2023 02:00 ET (06:00 GMT)
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