Wednesday 28 July 2021 8:59 am

Metro Bank pulls in solid revenue as asset growth looks sluggish

Metro Bank has pulled £179.8m in revenue in the past six months, as the British bank looks to return to a more profitable growth in the second half of the year.

Revenue was up some £26.5m in the six months to 30 June, which the bank put down to the recovery of much of the income foregone from the mortgage disposal in December 2020.

Shares opened higher this morning, up 1.8 per cent to 97.5p per share.

The London-headquartered bank posted a loss before tax of £138.9m, around £100m less than the year before as it underwent its planned ‘turnaround’.

Its assets have grown just two per cent since the end of December at £23bn in total, and four per cent since June last year.

While loans lifted seven per cent since the first half of 2020, to £16.6bn.

“Financial performance reflects where we are in our turnaround plan, as well as the impact of national lockdowns,” CEO Daniel Frumkin said.

“Looking ahead, we remain focused on executing the plan and returning to profitable growth.”

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