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United Kingdom

Metro Bank PLC (MTRO.L)

MTRO.L on London Stock Exchange

497.55GBp
12:06pm BST
Change (% chg)

-2.45 (-0.49%)
Prev Close
500.00
Open
509.00
Day's High
509.00
Day's Low
478.80
Volume
127,883
Avg. Vol
734,465
52-wk High
3,512.00
52-wk Low
452.40

Latest Key Developments (Source: Significant Developments)

Metro Bank In Talks For 500 Mln Stg Deal To‎ Offload A Mortgage Portfolio Back To Cerberus Capital - Sky News
Sunday, 21 Jul 2019 

July 21 (Reuters) - :UK'S METRO BANK IS IN TALKS FOR A 500 MILLION STG DEAL TO‎ OFFLOAD A MORTGAGE PORTFOLIO BACK TO U.S. HEDGE FUND CERBERUS CAPITAL MANAGEMENT - SKY NEWS.  Full Article

Spruce House Partnership Raises Stake To 6.77% From 5.06% In Metro Bank
Tuesday, 11 Jun 2019 

June 11 (Reuters) - Metro Bank PLC ::THE SPRUCE HOUSE PARTNERSHIP RAISES STAKE TO 6.77% FROM 5.06% IN METRO BANK PLC - FILING.  Full Article

Metro Bank Spokesperson Says Fundraising Book Closed At 7.30 BST This Evening
Thursday, 16 May 2019 

May 16 (Reuters) - :METRO BANK SPOKESPERSON SAYS FUNDRAISING BOOK CLOSED AT 7.30 BST THIS EVENING.METRO BANK SPOKESPERSON SAYS WE INCREASED BOOK OFFER TO £375 MILLION IN RECOGNITION OF HIGH QUALITY ORDER BOOK.  Full Article

Metro Bank CEO Says No Question Marks Over Future Of Lender Following Cash Call
Wednesday, 27 Feb 2019 

Feb 27 (Reuters) - Metro Bank PLC ::METRO BANK CHIEF EXECUTIVE CRAIG DONALDSON SAYS NO QUESTION MARKS OVER FUTURE OF LENDER FOLLOWING CASH CALL.METRO BANK CEO SAYS FEES FOR POTENTIAL UNDERWRITERS ON 350 MILLION STG CASH CALL YET TO BE DETERMINED.METRO BANK CEO SAYS HE OFFERED TO RESIGN FOLLOWING ACCOUNTING MISTAKE, WILL GIVE UP BONUS.METRO BANK CEO SAYS CONFIDENT WILL GET INVESTOR SUPPORT FOR 350 MILLION STG CASH CALL.  Full Article

Metro Bank Says Pace Of Improving Operating Leverage "Too Slow"
Tuesday, 26 Feb 2019 

Feb 26 (Reuters) - Metro Bank PLC ::PRELIM FULL YEAR RESULTS & Q4 TRADING UPDATE 2018.FY RECORD DEPOSIT GROWTH OF £4.0B; UP 34% YEAR-ON-YEAR TO £15.7B.FY LENDING GROWTH OF £4.6B; UP 48% YEAR-ON-YEAR TO £14.2B.STRONG ASSET QUALITY MAINTAINED, WITH COST OF RISK IMPROVING TO 0.07% FROM 0.11% IN 2017.FY STATUTORY PROFIT BEFORE TAX AT £40.6M, UP 117% FROM £18.7M.FY RECORD INCREASE IN CUSTOMER ACCOUNTS OF 403,000 TO 1,620,000.FY UNDERLYING PROFIT BEFORE TAX AT £50.0M ($63.5M); UP 140% YEAR-ON-YEAR FROM £20.8M ($26.4M).CHANGES IN PREVAILING OPERATING ENVIRONMENT HAVE CREATED HEADWINDS..COMPREHENSIVE REVIEW UNDERTAKEN REGARDING RWA ADJUSTMENT.COMPETITION IN MORTGAGE MARKET HAS PUT MARGINS UNDER PRESSURE.REQUIREMENTS TO RAISE NEW LOSS ABSORBING DEBT (MREL) HAVE COINCIDED WITH ELEVATED PRICING IN WHOLESALE DEBT MARKETS.COMPLYING WITH RAPID PACE OF REGULATORY CHANGE HAS WEIGHED ON CO'S COST:INCOME PROGRESS.REMAINS OUR INTENTION TO TARGET A MINIMUM CET1 RATIO OF 12% AND A REGULATORY LEVERAGE RATIO ABOVE 4%.RECOGNISE THAT THE PACE OF IMPROVING OPERATING LEVERAGE HAS BEEN TOO SLOW.ALSO PLAN TO ISSUE C.£500M OF MREL-ELIGIBLE SECURITIES IN 2019 TO MEET OUR TRANSITIONAL MREL REQUIREMENT BY 1 JANUARY 2020.AIRB MIGRATION FOR RESIDENTIAL MORTGAGES IS ONGOING AND NOW DO NOT EXPECT ACCREDITATION BEFORE 2021.THE PREVIOUSLY ANNOUNCED RWA ADJUSTMENT HAS ALSO LED TO THE REASSESSMENT OF CO'S RETURN HURDLE RATES IN CERTAIN ASSET CLASSES.  Full Article

Metro Bank Signs Standby Underwrite Deal For £350 Mln Equity Raise
Tuesday, 26 Feb 2019 

Feb 26 (Reuters) - Metro Bank PLC ::METRO BANK STANDBY UNDERWRITE & PRELIM RESULTS.METRO BANK ANNOUNCES C.£350M STANDBY UNDERWRITE.INTENTION TO RELEASE PRELIMINARY RESULTS TODAY.TRANSACTION IS EXPECTED TO BE LAUNCHED IN FIRST HALF OF 2019 AFTER CONSULTATION WITH SHAREHOLDERS.ENTERED INTO A STANDBY UNDERWRITE AGREEMENT WITH RBC CAPITAL MARKETS, JEFFERIES AND KBW FOR A C.£350M EQUITY RAISE.  Full Article

Hound Partners Discloses 5.045 Pct Stake In Metro Bank- Filing
Friday, 8 Feb 2019 

Feb 8 (Reuters) - :JONATHAN AUERBACH, HOUND PARTNERS MANAGEMENT GP, HOUND PARTNERS MANAGEMENT, LP, HOUND PARTNERS, LLC DISCLOSE 5.045 PERCENT STAKE IN METRO BANK- FILING.  Full Article

Ruane, Cunniff & Goldfarb L.P Discloses 5.15 Pct Stake In Metro Bank- Filing
Monday, 4 Feb 2019 

Feb 4 (Reuters) - Metro Bank PLC ::RUANE, CUNNIFF & GOLDFARB L.P DISCLOSES 5.15 PERCENT STAKE IN METRO BANK PLC - FILING.  Full Article

Metro Bank 9-month Profit Jumps, Says Competition In Mortgage Market Persists
Wednesday, 24 Oct 2018 

Oct 24 (Reuters) - Metro Bank PLC ::METRO BANK REPORTS CONTINUED STRONG GROWTH AND SURPASSES 1.5 MILLION CUSTOMER ACCOUNTS.CONTINUED STRONG DEPOSIT GROWTH OF £4.1B ($5.3B) YEAR-ON-YEAR, UP 38% TO £14.8B AND £1.1B QUARTER-ON-QUARTER, UP 8%..NET DEPOSIT GROWTH PER STORE PER MONTH OF £6.2M IN QUARTER, £6.3M FOR NINE MONTHS TO 30 SEPTEMBER 2018 REPRESENTING ANNUALISED DEPOSIT GROWTH PER STORE OF £75.6M ($98.3M)..RECORD LENDING GROWTH OF £4.5B ($5.9B) YEAR-ON-YEAR, UP 52% TO £13.1B, INCREASING LOAN TO DEPOSIT RATIO TO 89%. NET LENDING IN QUARTER EXCEEDED £1B FOR FOURTH SUCCESSIVE QUARTER..NET LENDING IN QUARTER EXCEEDED £1B FOR FOURTH SUCCESSIVE QUARTER.UNDERLYING PROFIT BEFORE TAX(1) AT £39.2M ($51.0M) FOR NINE MONTHS TO 30 SEPTEMBER 2018, A 197% INCREASE.SURPASSED 1.5 MILLION CUSTOMER ACCOUNTS, INCREASING TOTAL BY 303,000 OVER NINE MONTHS TO 30 SEPTEMBER 2018, AND UP 102,000 IN QUARTER.RECENT COMPETITIVE TRENDS IN MORTGAGE MARKET, HOWEVER, HAVE PERSISTED DESPITE BASE RATE INCREASE IN AUGUST.HAVE CONTINUED TO FOCUS ON HIGH QUALITY GROWTH OF LOW RISK ASSETS.BID APPLICATION FOR RBS ALTERNATIVE REMEDIES PACKAGE IS READY TO SUBMIT ONCE PROCESS COMMENCES IN NOVEMBER.REMAIN INTENSELY FOCUSED ON OUR 2020 TARGETS AND LONG TERM GROWTH OF BANK.  Full Article

Metro Bank Reports H1 Underlying Pretax Profit At £24.1M
Tuesday, 24 Jul 2018 

July 24 (Reuters) - Metro Bank PLC ::UNDERLYING PROFIT BEFORE TAX1 AT £24.1M ($32.0M), A FOUR-FOLD INCREASE FROM £6.0M ($8.0M) IN H1 2017.ON TRACK TO OPEN 12 NEW LOCATIONS IN 2018.HY CONTINUED STRONG DEPOSIT GROWTH OF £2,067M, UP 40% YEAR-ON-YEAR TO £13.7B.H1 LENDING GROWTH OF £2,393M, UP 55% YEAR-ON-YEAR TO £12.0B.HY NET DEPOSIT GROWTH PER STORE PER MONTH OF £6.2M ($8.2M) IN H1 2018.TOTAL DEPOSITS INCREASED TO £13,736M AS AT 30 JUNE 2018, UP FROM £11,669M AT 31 DECEMBER 2017.TOTAL NET LOANS INCREASED TO £12,013M AS OF 30 JUNE, UP FROM £9,620M AT 31 DECEMBER 2017.HY COMPARATIVE STORE DEPOSIT IS 37%..AT H1 END LOAN TO DEPOSIT RATIO INCREASED TO 87% (31 DECEMBER 2017: 82%).AT H1 END COMMON EQUITY TIER 1 CAPITAL AS A PERCENTAGE OF RISK WEIGHTED ASSETS IS 12.7%, EXCEEDING TIER 1 REGULATORY MINIMUM OF 9.7%.PILLAR 2A REQUIREMENT OF 1.7% IS CURRENTLY UNDER REVIEW WITH PRA.ANTICIPATE RECEIVING CAPITAL RELIEF AS PART OF PILLAR 2A OFFSET, IN EFFECT TEMPORARILY REDUCING REGULATORY MINIMUM, INCREASING MANAGEMENT BUFFERS.TARGET CET1 RATIO REMAINS >12%, TOWARDS AIRB IMPLEMENTATION WILL HAVE SUFFICIENT MANAGEMENT BUFFERS TO BE COMFORTABLE BETWEEN 11-12%.  Full Article

Deals of the day-Mergers and acquisitions

July 22 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday: