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Metro Bank (LSE: MTRO)

Last close As at 20/11/2024

GBP0.94

▲ 2.90 (3.19%)

Market capitalisation

GBP631m

Metro Bank is a community bank that serves both retail and commercial customers in major cities in the UK. It 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 — Profitability achieved and targets reiterated

Financials | Initiation

Metro Bank — Primed for growth

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

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 27.0 65.0 140.3
Relative 31.4 69.1 122.3
52 week high/low 96.0p/28.8p

Financials

Metro Bank (Metro) has published a trading update that shows that it returned to profitability in October. This is consistent with previous guidance of a return to profitability during Q424 and the bank has reiterated its guidance for a mid- to upper single-digit FY25 return on tangible equity (RoTE). The October net interest margin of 2.48% also points to faster improvement than we had anticipated. Separately, the bank reported that it has resolved Financial Conduct Authority (FCA) enquiries into legacy transactions monitoring systems and control. The £16.7m financial penalty is non-recurring and equivalent to c 2.5p of tangible book value per share. At this stage, we have not adjusted the forecasts set out in our recent initiation note and will review these with the full year results.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 523.5 N/A (70.7) (42.2) N/A 0.0
2024A 648.9 N/A 30.5 13.4 7.0 0.0
2025E 385.1 N/A (149.9) (22.2) N/A 0.0
2026E 587.9 N/A 65.9 9.8 9.6 0.0

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