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Metro Bank (LSE: MTRO)

Last close As at 29/10/2024

GBP0.70

▲ 0.30 (0.43%)

Market capitalisation

GBP474m

Metro Bank is a community bank that serves both retail and commercial customers in major cities in the UK. The company operates a network of more than 70 ‘stores’ in prime locations, a key source of new lending and low-cost deposits. Metro is in the process of a strategic repositioning towards a mid-to-upper-teens return business model focussed on commercial and specialist mortgage lending.

Latest Insights

Financials | Flash note

Metro Bank — Upgrading guidance for FY25 and FY26
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Sector

Financials

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Cristina Alba Ochoa

    CFO

  • Daniel Frumkin

    CEO

  • Robert Sharpe

    Chairman

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.9 76.0 67.4
Relative 4.4 78.1 46.7
52 week high/low 73.8p/28.8p

Financials

Metro Bank (Metro) reported a loss before tax of £26.8m in H124 mainly due to a weaker net interest margin (NIM), partly offset by lower impairments. The significant repositioning of the business model towards higher-return commercial and specialist mortgage lending is well under way, however. The £80m cost reduction plan is on track and the recently announced sale of £2.5bn of mortgages to NatWest Group accelerates the lending mix shift. Management expects profitability during Q424 and has upgraded its guidance for FY25 to a ‘mid-to-upper single digit’ return on tangible equity (RoTE) from a ‘low- to mid-single digit’ RoTE. Double-digit returns are projected in FY26 and mid-to-upper teens thereafter. The shares trade at 0.38x tangible book value per share (TBVPS) of 137p at the end of June 2024.

Research

Financials

Flash note

Metro Bank — Upgrading guidance for FY25 and FY26

Flash note

Financials

Metro Bank — Upgrading guidance for FY25 and FY26

Thematics

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