757 views

Metro Bank leads post-referendum challenger bounceback

Jake Cordell
Follow Jake
Metro Bank branch
Metro Bank only launched six years ago but it already worth more than £2bn (Source: Getty)

Metro Bank shares climbed again today, as the challenger bank's mighty post-referendum run continues.

Shares rose by one per cent to £27.39, leaving the bank up 67 per cent from levels hit amid frantic trading on 27 June.

Banks were some of the worst affected in the aftermath of the UK's shock vote to leave the EU, with trading in RBS and Barclays suspended as their prices nosedived.

Metro Bank, which posted a £4m loss in the first half of this year on revenues of £46m, has led the renaissance of the smaller lenders since then.

Listen: What made the Metro Bank CEO the UK's best?

Virgin Money hit three-month highs earlier last week and Aldermore is also up by 50 per cent since the end of June.

The FTSE 250 bank, which launched six years ago, now boasts a market capitalisation of £2.2bn, up from £1.6bn when it floated on the London Stock Exchange earlier this year. The firm's management are known to have eyes on the bluechip FTSE 100 index, where the smallest firms have a market capitalisation of around £4bn.

Related articles