REG-Metro Bank Holdings PLC Metro Bank Holdings PLC: Interim results for half year ended 30 June 2024
31/07/2024 07:15
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Metro Bank Holdings PLC (MTRO)
Metro Bank Holdings PLC: Interim results for half year ended 30 June 2024
31-Jul-2024 / 07:00 GMT/BST
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Metro Bank Holdings PLC
Interim results
Trading update H1 2024
31 July 2024
Metro Bank Holdings PLC (LSE: MTRO LN)
Interim results for half year ended 30 June 2024
Highlights
Financial Results:
• Underlying loss before tax of £26.8 million (H2 2023: loss £33.0
million) is primarily driven by a lower net interest margin of 1.64%
(H2 2023: 1.85%, Q2 2024 NIM of 1.74%) due to a transient higher cost
of deposits at 2.18% following the successful deposit campaign in Q4
2023 (H2 2023:1.29%).
• Upgraded Guidance includes profitability during Q4 2024, mid-to-upper
single digit RoTE in 2025, double digit RoTE in 2026 and mid-to-upper
teens thereafter. This is driven by cost discipline, asset rotation
and the mortgage portfolio sale.
• New stores: Began construction in Chester and signed lease in
Gateshead. Looking for more new store sites in North of England and
East Midlands.
• Total underlying operating expenses reduced 6% or £17 million HoH to
£255 million (H2 2023: £272 million), with £80 million of annualised
run-rate savings on track to be delivered by December 2024.
• Total net loans as at 30 June 2024 were £11.5 billion, down 6%
compared to full year position (31 December 2023: £12.3 billion) as
the bank strategically repositions its balance sheet towards higher
yielding commercial, corporate, SME and specialist mortgage lending.
• Metro Bank has a solid credit approved commercial pipeline across H1
2024 equivalent to 116% of total new lending in 2023, with H1 2024
drawdowns c.81% of total new lending in 2023.
• Customer deposits of £15.7 billion at 30 June 2024, down £0.8 billion
on February 2024 peak of c.£16.5 billion (31 December 2023: £15.6
billion), reflecting the deliberate focus on reducing liquidity and
cost of deposits.
• Metro Bank’s MREL ratio was 22.2% as at 30 June 2024, up 20bps from
22.0% as at 31 December 2023, reflecting ongoing focus on capital
management whilst optimising risk-adjusted returns on regulatory
capital. Year-on-year MREL increased c.410bps from 18.1% as at 30 June
2023. On completion 1 of the mortgage sale, there is a pro forma
improvement in Metro Bank's total capital plus MREL ratio of c.122bps
from 22.2% to 23.4%, c.530bps higher than 30 June 2023.
Post-period end developments:
• £2.5 billion mortgage portfolio sale, announced post-period end, with
the transaction earnings, NIM and capital ratio accretive. The
additional lending capacity created by this sale enables a continued
shift into higher yielding assets.
• TFSME to be repaid from proceeds of mortgage sale eliminating any
industry wide deposit funding headwinds going forward.
Upgraded Guidance:
• Expect return to profitability during Q4 2024
• RoTE guidance increased to mid-to-upper single digit in 2025, double
digit in 2026 and mid-to-upper teens thereafter
• Continued NIM expansion driven by asset rotation, and expect NIMs in
2024, 2025 and 2026 to be approaching 2.50%, 3.25% and 4.00%
respectively
• Continued cost discipline and control, with cost to income ratios in
2026, 2027 and 2028 to be approaching 70%, 60% and 50% respectively
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
“Metro Bank has made significant underlying progress during the first half
of 2024. We have built real momentum in credit approved pipelines across
commercial, corporate and SME lending, whilst expanding spreads in retail
mortgages and repricing deposits. At the same time, our continued cost
discipline is creating a simpler, more agile bank that is fit for the
future.”
“Our upgraded guidance today reflects progress against our strategy,
including the recent residential mortgage portfolio sale. We expect these
actions to positively impact on our balance sheet in the fourth quarter of
the current financial year, delivering a return to profitability.”
“We look to the future with renewed confidence, as we continue to
strengthen and deepen our people-people banking and relationship-led
services in areas our FANS value the most.”
Key Financials
30 Jun 31 Dec Change from 30 Jun Change from
£ in millions 2024 2023 H2 2023 2023 H1 2023
Assets £21,489 £22,245 (3%) £21,747 (1%)
Loans £11,543 £12,297 (6%) £12,572 (8%)
Deposits £15,726 £15,623 1% £15,529 1%
Loan to deposit ratio 73% 79% (6pp) 81% (8pp)
CET1 capital ratio 12.9% 13.1% (20bps) 10.4% 250bps
Total capital ratio (TCR) 15.0% 15.1% (10bps) 13.2% 180bps
MREL ratio1 22.2% 22.0% 20bps 18.1% 410bps
Liquidity coverage ratio 365% 332% 33pp 214% 151pp
H1 H2 Change from H1 Change from
£ in millions 2024 2023 H2 2023 2023 H1 2023
Total underlying revenue2 £234.0 £260.9 (10%) £285.6 (18%)
Underlying profit/(loss) (£26.8) (£33.0) 19% £16.1 (266%)
before tax3
Statutory profit/(loss) (£33.5) £15.1 (322%) £15.4 (318%)
before tax
Net interest margin 1.64% 1.85% (21bps) 2.14% (50bps)
Lending yield 5.18% 4.91% 27bps 4.50% 68bps
Cost of deposits 2.18% 1.29% 89bps 0.66% 152bps
Cost of risk 0.10% 0.34% (24bps) 0.18% (8bps)
Underlying EPS (3.9p) (12.2p) 8.3p 7.8p (11.7p)
Tangible book value per £1.37 £1.40 (2%) £4.42 (69%)
share
1. The mortgage portfolio sale has been excluded from this figure. Pro
forma on completion of the residential mortgage portfolio sale is
estimated to result in a 23.4% total capital plus MREL ratio.
Completion of the transaction is conditional on a satisfactory
response from the Competition & Markets Authority
2. Underlying revenue excludes grant income recognised relating to the
Capability & Innovation fund.
3. Underlying 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, costs
incurred as part of the holding company insertion and costs of the
capital raise and refinancing in H2 2023.
Investor presentation
A presentation for investors and analysts will be held at 9AM (UK time) on
31 July 2024. The presentation will be webcast on:
1 https://webcast.openbriefing.com/metrobank-jul24/
For those wishing to dial-in:
From the UK dial: 0800 358 1035
From the US dial: +1 855 979 6654
Access code: 191899
Other global dial-in numbers:
2 https://www.netroadshow.com/events/global-numbers?confId=67110
Financial performance for the half year ended 30 June 2023
Deposits
30 Jun 31 Dec Change 30 Jun Change
£ in millions from from
2024 2023 2023
H2 2023 H1 2023
Demand: current £5,662 £5,696 (1%) £7,106 (20%)
accounts
Demand: savings £8,108 £7,827 4% £7,218 12%
accounts
Fixed term: savings £1,956 £2,100 (7%) £1,205 62%
accounts
Deposits from £15,726 £15,623 1% £15,529 1%
customers
Deposits from customers includes:
Retail customers
(excluding retail £7,170 £7,235 (1%) £5,647 27%
partnerships)
SMEs4 £4,224 £3,782 12% £5,066 (17%)
£11,394 £11,017 3% £10,713 6%
Retail partnerships £1,734 £1,708 2% £1,910 (9%)
Commercial customers £2,598 £2,898 (10%) £2,906 (11%)
(excluding SMEs4)
£4,332 £4,606 (6%) £4,816 (10%)
4. SME defined as enterprises which employ fewer than 250 persons and
which have an annual turnover not exceeding €50 million, and/or an
annual balance sheet total not exceeding €43 million and have
aggregate deposits less than €1 million.
• Customer deposits reduced by 1% at H1 2024 to £15.7 billion, down £0.8
billion on February 2024 peak of £16.5 billion (31 December 2023:
£15.6 billion) reflecting the deliberate focus on reducing liquidity
and cost of deposits. The core customer deposit base continues to be
predominantly Retail and SME. Fixed term deposits have increased 62%
year-on-year reflecting the success of the Q4 2023 deposit campaign.
• Cost of deposits was 2.18% for H1 2024 (H2 2023: 1.29%) reflecting the
impact of the deposit campaign in Q4 2023. Monthly cost of deposits
has been reducing since its peak in February 2024 and is 2.12% in Q2
2024.
• Stores remain a key element to the Group’s service offering and Metro
Bank has changed store hours and reprioritised in-store services to
align with customer activity.
• Metro Bank plans to open two new stores in Q2 2025 in Chester and
Gateshead for further market coverage in the North of England.
Locations are being prioritised to support Metro Bank’s commercial,
corporate and SME banking offering.
Loans
30 Jun 31 Dec Change 30 Jun Change
£ in millions from from
2024 2023 2023
H2 2023 H1 2023
Gross loans and advances £11,739 £12,496 (6%) £12,769 (8%)
to customers
Less: allowance for (£196) (£199) 2% (£197) 1%
impairment
Net loans and advances £11,543 £12,297 (6%) £12,572 (8%)
to customers
Gross loans and advances
to customers consists
of:
Retail mortgages £7,512 £7,818 (4%) £7,591 (1%)
Commercial lending5 £2,437 £2,443 0% £2,659 (8%)
Consumer lending £1,003 £1,297 (23%) £1,410 (29%)
Government-backed £787 £938 (16%) £1,109 (29%)
lending6
5. Includes CLBILS.
6. BBLS, CBILS and RLS.
• Total net loans as at 30 June 2024 were £11.5 billion, down 6%
compared to £12.3 billion at 31 December 2023 as focus remains on
optimising the mix for risk-adjusted return on regulatory capital. The
Consumer and Government-backed lending portfolios are in run-off as
the Group continues to pivot its strategy towards commercial,
corporate and SME lending, and specialist mortgages. Yields continue
to improve despite the Bank of England base rate remaining stable. The
loan to deposit ratio reduced to 73% (31 December 2023: 79%).
• Retail mortgages decreased 4% to £7.5 billion (31 December 2023: £7.8
billion) and remain the largest component of the lending book at 64%
(31 December 2023: 63%). The Debt to Value (DTV) of the portfolio at
31 June 2024 was 61% (31 December 2023: 58%) as a result of observed
house price falls over the period. The pivot towards more specialist
mortgages continues following recent investment to enhance product
offerings. Metro Bank’s operating model is tailored to more complex
underwriting which enables the Group to meet the needs of more
customers and scale underserved markets whilst offering improved
risk-adjusted returns.
• Commercial loans (excluding BBLS, CBILS and RLS) remained stable
during H1 2024 at £2,437 million (31 December 2023: £2,443 million)
reflecting continued focus on commercial customers whilst shrinking
commercial real estate to £440 million (31 December 2023: £509
million) and portfolio buy-to-let to £365 million (31 December 2023:
£465 million). The DTV of the portfolio at 31 June 2024 was 57% (31
December 2023: 55%) and the portfolio has a coverage ratio of 2.08%
(31 December 2023: 2.13%). Metro Bank is committed to supporting local
businesses as we continue to pivot towards commercial, corporate and
SME lending.
• Cost of risk decreased to 0.10% for the half year (H2 2023: 0.34%).
The overall impact of risk profile, credit performance and
macroeconomic outlook has resulted in a lower cost of risk in the
first half. The credit quality of new lending continues to be strong
through the current macro-economic environment and the bank retains
its prudent approach to provisioning.
• Overall arrears levels have remained broadly stable and there have
been no material signs of increased stress. Non-performing loans
increased to 3.75% (31 December 2023: 3.11%) driven largely by the
maturity profile of the consumer portfolio that is in run off and
reduced commercial lending volumes, partly offset by successful BBLS
claims and repayments of a few large commercial and mortgage
exposures. Excluding government-backed lending, non-performing loans
were 3.13% at 31 June 2024 (31 December 2023: 2.58%).
• The loan portfolio remains highly collateralised and prudently
provisioned. The ECL provision as at 30 June 2024 was £196 million
with a coverage ratio of 1.67%, compared to £199 million with a
coverage ratio of 1.59% as at 31 December 2023. The level of
post-model overlays remained at 10% of the ECL stock, or £20 million
which has reduced since 31 December 2023 (12% of ECL stock, or £23.4
million) is mainly due to a more up to date impact assessment of the
new IFRS9 commercial models.
Profit and Loss Account
• Net interest margin (NIM) of 1.64% for the half is down 21bps compared
to 1.85% in H2 2023 as a result of a higher cost of deposits at 2.18%
(H2 2023: 1.29%, H1 2023: 0.66%) and reduction of lower yielding
assets.
• Underlying net interest income decreased by 10% HoH at £172 million
(H2 2023: £190 million) driven by reductions in net interest margin
(NIM) reflecting the impact of increased cost of deposits following
the successful deposit campaign in Q4 2023, and the lag between
underwrite to completion; as the bank pivots its lending towards
higher yielding lending assets.
• Underlying net fee and other income decreased HoH to £62 million (H2
2023: £69 million). The HoH decrease of 10% reflects the seasonal
nature of fee income largely driven by customer activity and
transactional volumes.
• Underlying costs reduced 6% to £255 million (H2 2023: £272 million).
The Group has delivered £50 million of annualised run-rate cost
savings and is on track to deliver the additional £30 million cost
savings on an annualised run-rate basis by December 2024.
• Underlying loss before tax of £27 million achieved in the first half
(H2 2023: loss of £33 million) reflecting the NIM and cost of funding
impact in the first half of the year.
• Statutory loss before tax of £34 million (H2 2023: profit of £15
million) HoH movement a function of the £74 million one-off benefit
resulting from the capital raise and refinancing in H2 2023.
Capital, Funding and Liquidity
Position Position Minimum Minimum
30 June 31 December requirement requirement
2024 2023 including excluding buffers
buffers7
Common Equity Tier 1 12.9% 13.1% 9.2% 4.7%
(CET1)
Tier 1 12.9% 13.1% 10.8% 6.3%
Total Capital 15.0% 15.1% 12.9% 8.4%
Total Capital + MREL 22.2% 22.0% 21.2% 16.7%
7. CRD IV buffers
• Total RWAs as at 30 June 2024 were £7.2 billion (31 December 2023:
£7.5 billion). The movement reflects the actions taken to optimise the
balance sheet, with a lag between pipeline to conversion as we pivot
our lending mix. RWA density was 29.7% compared to 30.2% as at 31
December 2023 and the movement HoH continues to reflect the elevated
liquidity position.
• The £2.5 billion mortgage asset sale post-period is expected to reduce
RWAs by c. £824 million and results in a pro forma improvement in
total capital plus MREL of c122 bps to 23.4% (31 December 2023: 22.0%,
30 June 2023: 18.1%).
• Strong liquidity and funding position maintained. All customer loans
are fully funded by customer deposits with a loan-to-deposit ratio of
73% compared to 79% at the end of 2023. Liquidity Coverage Ratio (LCR)
was 365% compared to 332% as at 31 December 2023, with cash balances
at c£4 billion. Net Stable Funding Ratio (NSFR) was 153% compared to
145% as at 31 December 2023.
• The Treasury portfolio of £8.8 billion includes £4.7 billion of
investment securities, of which 79% are rated AAA and 21% are rated
AA. Of the total investment securities, 93% is held at amortised cost
and 7% is held at fair value through other comprehensive income.
• Over the next 3 years more than £2.0 billion of fixed rate treasury
assets will mature at an average blended yield of just over 1%, these
will be replaced by asset with yields in line with or greater than the
prevailing base rate.
• UK leverage ratio was 5.5% as at 30 June 2024 (31 December 2023:
5.3%).
Outlook revised upwards
Updated Guidance
ROTE • Increased to mid-to-upper single digit in 2025, double digit
in 2026 and mid-to-upper teens thereafter
• Continued NIM expansion driven by asset rotation, and NIMs in
2024, 2025 and 2026 to be approaching 2.5%, 3.25% and 4.00%,
respectively
• Mortgage lending originations > 200bps above prevailing
NIM reference rate SWAP from H1 2025
• Commercial lending originations already > 350bps above
prevailing Bank of England base rate
• Benefit from fixed rate treasury and mortgage maturities
across 2025-2028
• £80m of annualised run-rate cost savings on track to be
delivered by Q4 2024
• 2024 costs are expected to be below 2023, with further
Costs reductions in 2025 reflecting the benefit of the full £80
million annualised cost savings
• Cost to income ratios in 2026, 2027 and 2028 to be
approaching 70%, 60% and 50%, respectively
• Total lending to grow at an 8 – 11% CAGR (after drop due to
mortgage portfolio sale) over the next few years
• Future lending book composition by early 2029:
Lending ◦ Back book mortgages (c.£5bn) will run-off
◦ Mortgages as a % of total lending balances reduces to
c.30%
◦ Commercial as a % of total lending balances grows to
c.70%
◦ All other lending broadly runs-off during the period
• Ongoing optimisation on deposits to reduce cost of funding
continues, with CoD expected to consistently reduce across H2
Deposits 2024
• Deposits broadly flat from 2024 to 2026, followed by
mid-to-upper single digit growth thereafter
Metro Bank Holdings PLC
Summary Balance Sheet and Profit & Loss Account
(Unaudited)
HoH 30 Jun 31 Dec 30 Jun
Balance Sheet
change 2024 2023 2023
£'million £'million £'million
Assets
Loans and advances to customers (6%) £11,543 £12,297 £12,572
Treasury assets8 1% £8,819 £8,770 £8,023
Other assets9 (4%) £1,127 £1,178 £1,152
Total assets (3%) £21,489 £22,245 £21,747
Liabilities
Deposits from customers 1% £15,726 £15,623 £15,529
Deposits from central banks 0% £3,050 £3,050 £3,800
Debt securities (3%) £675 £694 £573
Other liabilities (46%) £934 £1,744 £875
Total liabilities (3%) £20,385 £21,111 £20,777
Total shareholder's equity (3%) £1,104 £1,134 £970
Total equity and liabilities (3%) £21,489 £22,245 £21,747
8. Comprises investment securities and cash & balances with the Bank of
England.
9. Comprises property, plant & equipment, intangible assets and other
assets.
HoH Half year ended
30 Jun 31 Dec 30 Jun
Profit & Loss Account change
2024 2023 2023
£'million £'million £'million
Underlying net interest income (10%) £171.9 £190.4 £221.5
Underlying net fee and other (10%) £62.0 £68.6 £63.3
income
Underlying net gains on sale of £0.1 £1.9 £0.8
assets
Total underlying revenue (10%) £234.0 £260.9 £285.6
Underlying operating costs (6%) (£254.6) (£272.0) (£258.2)
Expected credit loss expense (£6.2) (£21.9) (£11.3)
Underlying profit/(loss) before (£26.8) (£33.0) £16.1
tax
Impairment and write-off of
property plant & equipment and (£0.3) (£4.6) -
intangible assets
Transformation costs (£4.5) (£20.2) -
Remediation costs (£1.8) (£0.8) £0.8
Capital raise and refinancing - £74.0 -
Holding company insertion (£0.1) (£0.3) (£1.5)
Statutory profit/(loss) before tax (£33.5) £15.1 £15.4
Statutory taxation £0.4 £1.7 (£2.7)
Statutory profit/(loss) after tax (£33.1) £16.8 £12.7
Half year ended
30 Jun 31 Dec 30 Jun
Key metrics
2024 2023 2023
Underlying earnings per share – (3.9p) (12.2p) 7.8p
basic
Number of shares 672.7m 672.7m 172.6m
Net interest margin (NIM) 1.64% 1.85% 2.14%
Cost of deposits 2.18% 1.29% 0.66%
Cost of risk 0.10% 0.34% 0.18%
Arrears rate 3.8% 3.8% 3.5%
Underlying cost: income ratio 109% 104% 90%
Tangible book value per share £1.37 £1.40 £4.42
Enquiries
For more information, please contact:
Metro Bank PLC Investor Relations
Paul Beaumont / Stella Gavaletakis
+44 (0) 20 3402 8900
3 IR@metrobank.plc.uk
Metro Bank PLC Media Relations
Mona Patel
+44 (0) 7815 506845
4 pressoffice@metrobank.plc.uk
Teneo
Haya Herbert-Burns/ Anthony Di Natale
+44 (0) 7342 031051/ +44 (0) 7880 715975
5 Metrobank@teneo.com
ENDS
About Metro Bank
Metro Bank services over three million customer accounts and is celebrated
for its exceptional customer experience. It remains one of the highest
rated high street banks for overall service quality for personal
customers, the best bank for service in-store for business customers and
joint top for service in-store for personal customers, in the Competition
and Markets Authority’s Service Quality Survey in February 2024.
Metro Bank has also been awarded “Large Loans Mortgage Lender of the
Year”, 2024 and 2023 Mortgage Awards, accredited as a top ten Most Loved
Workplace 2023, “2023 Best Lender of the Year – UK” in the M&A Today,
Global Awards, the “Inclusive Culture Initiative Award” in the 2023
Inclusive Awards, “Diversity, Equity & Inclusion Award” and “Leader of the
Year Award 2023” at the Top 1% Workplace Awards, “Best Women Mortgage
Leaders in the UK” from Elite Women 2023, “Diversity Lead of the Year”,
2023 Women in Finance, Best Large Loan Lender, 2023 Mortgage Strategy
Awards,, “Best Business Credit Card”, Forbes Advisor Best of 2023 Awards,
“Best Business Credit Card”, 2023 Moneynet Personal Finance Awards.
The community bank offers retail, business, commercial and private banking
services, and prides itself on giving customers the choice to bank
however, whenever and wherever they choose, and supporting the customers
and communities it serves. Whether that’s through its network of 76
stores; on the phone through its UK-based contact centres; or online
through its internet banking or award-winning mobile app, the bank offers
customers real choice.
Metro Bank Holdings PLC (registered in England and Wales with company
number 14387040, registered office: One Southampton Row, London, WC1B 5HA)
is the listed entity and holding company of Metro Bank PLC.
Metro Bank PLC (registered in England and Wales with company number
6419578, registered office: One Southampton Row, London, WC1B 5HA) is
authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and Prudential Regulation Authority.
‘Metrobank’ is a registered trademark of Metro Bank PLC. Eligible deposits
are protected by the Financial Services Compensation Scheme. For further
information about the Scheme refer to the FSCS website 6 www.fscs.org.uk.
All Metro Bank products are subject to status and approval. Metro Bank is
an independent UK bank – it is not affiliated with any other bank or
organisation (including the METRO newspaper or its publishers) anywhere in
the world. Please refer to Metro Bank using the full name.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
ISIN: GB00BMX3W479
Category Code: IR
TIDM: MTRO
LEI Code: 984500CDDEAD6C2EDQ64
Sequence No.: 337467
EQS News ID: 1957493
End of Announcement EQS News Service
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