Metro Bank’s rehab should start with the board aimeedonnellan
Metro Bank on May 1 said its pre-tax profit halved in the first quarter and some depositors had withdrawn funds after the UK bank disclosed a major accounting error in January.
The lender reported pre-tax profit of 4.3 million pounds in the three months to March, down from 8.6 million pounds in the same period a year ago. Customer deposits at the end of March were 3.6 percent lower than at the end of December. The bank’s loan-to-deposit ratio rose to 100 percent in the first quarter, but Metro said the ratio had lowered to around 85-90 percent in the near term.
Metro said it still aims to grow deposits by 20 percent per year, but that the poor first quarter meant it would likely miss that goal in 2019. Metro Bank shares were down 3 percent at 630 pence by 0820 GMT on May 3. They have fallen 63 percent in the past 12 months.
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