Metro Bank Records Profit Amid Strategic Shift in 2024

Metro Bank Holdings PLC announced a statutory profit of £42.5 million for 2024, marking a significant turnaround following the recognition of a deferred tax asset. The bank showcased a strong net interest margin of 2.65%, surpassing the previous year's guidance of 2.50%. The cost of deposits declined to 1.40% by the end of the year.

In 2024, Metro Bank reported a notable 71% increase in corporate and commercial new loan originations, emphasizing a strategic pivot towards higher-margin markets. The credit pipeline for corporate and SME lending exceeds 50% of the year’s total lending. The bank bolstered its balance sheet through strategic sales of prime residential mortgages and unsecured personal loans.

CEO Daniel Frumkin highlighted the year as transformational with enhanced profitability and a strengthened capital position, aiming for continued growth in the coming years.