Metro Bank Holdings PLC
Unaudited half year results
Trading update H1 2026
4 August 2026
Metro Bank Holdings PLC (LSE: MTRO LN) (“Metro Bank”)
Legal Entity Identifier: 984500CDDEAD6C2EDQ64
Results for the half year ended 30 June 2026
Strong performance through strategic execution
- Underlying profit before tax of £61 million, the most profitable half in Metro Bank’s history and a 34% increase year-on-year
- Record growth of 43% year-on-year in core lending as Metro Bank wins market share
- Continued NIM expansion, with exit NIM at June 2026 of 3.25%, up 30bps year-on-year
- Return on Tangible Equity1 of 7.5%, with clear path to target of greater than 13% in Q4 2026
- Metro Bank maintains the lowest Cost of Deposits of any UK High Street bank
- Reaffirming all guidance for FY 2026 and beyond, including RoTE greater than 13% in Q4 2026, greater than 15% in 2027, and greater than 18% in 2028- firmly positioning Metro Bank as one of the UK market leaders
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
“The first half of the year has been another period of strong momentum and strategic delivery for Metro Bank. Our continued progress reflects a business executing with discipline across revenue growth, cost management and improving returns.
"Our relationship banking model is delivering a clear competitive advantage. We continue to invest in growth, signing three new store leases to bring Metro Bank to new communities, and adding new products and services in response to customer demand. Alongside the lowest cost of deposits of any UK High Street bank, our growing mix of higher-yielding corporate, commercial and specialist mortgage lending is driving stronger risk-adjusted returns.
"As we move into the next half of the year, our record-high credit approved pipeline gives us a strong platform for further targeted lending which, along with the repricing of treasury assets, will deliver additional NIM and RoTE uplift. We look ahead with confidence and are reaffirming all guidance, including RoTE greater than 13% in Q4 2026, greater than 15% in 2027, and greater than 18% in 2028.”
- Statutory profit after tax attributable to ordinary shareholders as a percentage of average tangible equity (equity excluding other equity instruments, intangible assets and deferred tax assets). Guidance statements are predicated on modelling assumptions including interest rate curves, capital requirements, and adjustments for material exceptional items
Key Financials
£ in millions | H1 2026 | H1 2025 | Change from H1 2025 | H2 2025 | Change from H2 2025 |
| | | | | |
Assets | £17,025 | £16,428 | 4% | £16,475 | 3% |
Loans | £9,074 | £8,715 | 4% | £8,823 | 3% |
Deposits | £13,216 | £13,363 | (1%) | £13,445 | (2%) |
Loan to deposit ratio | 69% | 65% | 4pp | 66% | 3pp |
| | | | | |
CET1 capital ratio | 12.3% | 12.8% | (50bps) | 12.5% | (20bps) |
Tier 1 capital ratio | 15.8% | 16.6% | (80bps) | 16.1% | (30bps) |
Total capital ratio (TCR) | 17.9% | 18.9% | (100bps) | 18.4% | (50bps) |
Total capital plus MREL ratio | 25.3% | 27.0% | (170bps) | 26.1% | (80bps) |
Liquidity coverage ratio | 270% | 315% | (45pp) | 306% | (36pp) |
£ in millions | H1 2026 | H1 2025 | Change from H1 2025 | H2 2025 | Change from H2 2025 |
| | | | | |
Total underlying revenue2 | £301.0 | £286.1 | 5% | £299.0 | 1% |
Underlying profit before tax3 | £60.6 | £45.1 | 34% | £53.0 | 14% |
Statutory profit before tax | £60.7 | £43.1 | 41% | £44.1 | 38% |
Statutory profit after tax | £49.0 | £30.4 | 61% | £39.3 | 25% |
Net interest margin | 3.18% | 2.87% | 31bps | 3.10% | 8bps |
Exit NIM | 3.25% | 2.95% | 30bps | 3.17% | 8bps |
Lending yield | 5.78% | 5.67% | 11bps | 5.71% | 7bps |
Cost of deposits | 0.98% | 1.16% | (18bps) | 0.96% | 2bps |
Cost of risk | 0.22% | 0.14% | 8bps | 0.18% | 4bps |
Earnings per share | 4.7p | 4.5p | 0.2p | 3.3p | 1.4p |
Book value per share | £2.26 | £2.17 | £0.09 | £2.20 | £0.06 |
Tangible net asset value per share | £1.66 | £1.61 | £0.05 | £1.63 | £0.03 |
- Underlying revenue excludes grant income recognised relating to the Capability & Innovation fund and net profit/(loss) on portfolio sales
- Underlying profit/(loss) before tax is an alternative performance measure and excludes impairment and write-off of property, plant & equipment (PPE) and intangible assets, transformation costs, remediation costs, and net profit/(loss) on portfolio sales
Investor presentation
A presentation for investors and analysts will be held at 9AM (UK time) on 4 August 2026. The presentation will be webcast on:
https://webcast.openbriefing.com/metrobank-h126/
For those wishing to dial-in:
From the UK dial: +44 808 189 0158
From the US dial: +1 855 979 6654
Access code: 502331
Other global dial-in numbers: https://www.netroadshow.com/events/global-numbers?confId=93403
Financial performance for the half year ended 30 June 2026
Loans
£ in millions | H1 2026 | H1 2025 | Change from H1 2025 | H2 2025 | Change from H2 2025 |
| | | | | |
Gross loans and advances to customers | £9,208 | £8,882 | 4% | £8,993 | 2% |
Less: allowance for impairment | (£134) | (£167) | (20%) | (£170) | (21%) |
Net loans and advances to customers | £9,074 | £8,715 | 4% | £8,823 | 3% |
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