Metro Bank pre-tax loss reduces

Metro Bank, which has branches at Merry Hill and Wolverhampton, saw its pre-tax loss reduce in the first half of this year.

Metro Bank in Dudley Street, Wolverhampton
Metro Bank in Dudley Street, Wolverhampton

It improved from £138.9 million in the first six months of 2021 to £60.2m. Chief executive Daniel Frumkin said: "We have delivered a strong first-half performance and I am encouraged by the continued momentum we are seeing across the bank. "

He said a sustainable business had been built and it expected to reach monthly breakeven during the first three months of 2023.

"All of this has been made possible by focusing on our turnaround strategy over the past two years," he added.

Assets were down two per cent at £22.5 billion, loans were up one per cent to £12.3bn and deposits down one per cent at £16.5bn.

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