2024-04-30 06:42:39
Metro Bank on Tuesday posted a 4% increase in its total deposits for the first quarter, thanks to the campaign it launched late last year to offset large withdrawals from customers, which reports said hurt its financial health.
The British lender agreed a £925m bailout in October in the wake of volatile business and has since implemented cost-cutting measures to clean up its balance sheet.
Total deposits reached 16.21 billion pounds ($20.31 billion) in the quarter ended March 31, up from 15.62 billion pounds in the previous quarter.
Metro, launched to challenge the dominance of Britain’s big banks, said its lending business was down 4% as it focuses on higher-margin specialist mortgages and commercial lending.
“Significant levels of liquidity brought in in the fourth quarter of 2023 now enable the group to focus on affordable relationship deposits to manage funding costs,” the company said in a statement.
The underlying service-oriented core deposit franchise grew by more than 50,000 personal and business accounts during the quarter.
“We remain convinced that financial results will continue to improve through 2024 thanks to the optimization of financing, the realization of savings, the continuation of the turnover of assets and the reduction of maturing cash flow and fixed-rate loans,” Daniel Frumkin, chief executive, said in the release.
($1 = 0.7980 pounds) (Reporting by Eva Mathews in Bengaluru; Editing by Savio D’Souza and Eileen Soreng)
1714461455
#Metro #Bank #deposits #increase #customer #recovery #efforts #pay
