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Metro Bank posts annual loss as expenses weigh
StockMarketWire.com
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Challenger lender Metro Bank posted another annual loss after rising revenue was offset by expenses including remediation costs associated with an investigation by Britain's prudential regulator.
Pre-tax losses for the year through December amounted to £245.1 million, compared to year-on-year losses of £311.4 million.
The losses also included asset writedowns and transformation costs.
Underlying revenue grew 17% to £397.9 million, which the bank said reflected a shift towards higher yielding assets, lower cost of deposits and a recovery in customer activity.
'Two years into the turnaround, our strategy is delivering meaningful results as we move towards profitability,' chief executive Daniel Frumkin said.
'In a changing macro-economic environment, we have accelerated the shift of our balance sheet, with improved yields and lower cost of deposits.'
'Encouragingly, the second half of the year delivered even stronger revenue and exit net interest margin performances, providing ongoing momentum into 2022.'
'There is still more to do, but our focus on delivering higher margins through unsecured and specialist mortgage lending, as well as tight cost control, is enabling transformational change.'
Story provided by StockMarketWire.com
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