Metro Bank makes ‘significant underlying progress’ – London Business News | Londonlovesbusiness.com

Metro Bank are expecting to return back to profit at the end of the year and have reduced their losses which has seen shares rise on Wednesday.

In the six months to June the bank reported underlying pre-tax losses of £26.8 million compared to £33 million of losses the previous year.

This comes as Metro Bank undertook heavy cost cutting and axed around 1,000 jobs earlier this year.

Metro Bank who is listed on the London Stock Exchange said their net loans dipped by 6% to £11.5 billion in the second quarter.

Daniel Frumkin, chief executive officer of Metro Bank, said, “Metro Bank has made significant underlying progress during the first half of 2024.

“We have built real momentum in credit approved pipelines across commercial, corporate and SME lending, whilst expanding spreads in retail mortgages and repricing deposits.

“At the same time, our continued cost discipline is creating a simpler, more agile bank that is fit for the future.”