Business
Interim results for half year ended 30 June 2020
Interim results for half year ended 30 June 2020.
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 1897V\n Metro Bank PLC\n 05 August 2020\n \n \n \n \n \n \n \n Metro Bank PLC\n \n \n Interim results\n \n \n Trading Update H1 2020\n \n \n 5 August 2020\n \n \n \n \n \n \n \n \n Metro Bank PLC (LSE: MTRO LN)\n \n \n \n \n \n Interim results for half year ended 30 June 2020\n \n \n Highlights\n \n · \n \n Supporting customers, communities and colleagues through COVID-19\n \n \n \n · \n \n Extended over £1 billion of government-backed business loans to date\n \n \n \n · \n \n Deposit growth of 8% from 31 December 2019 and 14% YoY\n \n \n \n \n \n \n · \n \n Improving deposit\n \n \n mix with 73% from retail (exc. partnerships) and SME customers\n \n \n \n · \n \n Operationally \n \n \n on track with the transformation plan \n \n \n \n · \n \n F\n \n \n inancial performance impacted by COVID-19\n \n \n \n · \n \n RateSetter acquisition accelerates rebalancing of lending mix \n \n \n \n \n \n Summary\n \n \n \n \n \n · \n \n \n \n \n \n Supported customers, communities and colleagues \n \n during COVID-19,\n demonstrating that community banking has never been more relevant.\n \n \n \n \n \n \n · \n \n \n \n \n \n Transformation plan is on track, \n \n but financial performance impacted by COVID-19.\n \n \n \n \n \n \n · \n \n \n \n \n \n Underlying loss before tax of £\n \n \n 183.4\n \n \n million (H1 2019: £13.6 million profit), \n \n including c.£109 million of impact from COVID-19, equivalent to 60% of the loss, comprising £97 million COVID-19 ECL expense and lower transaction fee income.\n \n \n \n \n \n \n · \n \n \n \n \n \n Statutory loss before tax of £\n \n \n 240.6\n \n \n million \n \n (H1 2019: £3.4 million profit) reflecting the underlying loss and a number of one off items including the exit from a central London office and remediation costs.\n \n \n \n \n \n \n · \n \n \n \n \n \n 8% growth in deposits\n \n from 31 December 2019 and 14% from H1 2019 to £\n 15.6\n billion (2019: £14.5 billion), with strong growth in non-interest bearing accounts and improving mix, with 73% (H1 2019: 63%) from retail (excluding partnerships) and SME customers.\n \n \n \n \n \n \n · \n \n \n \n \n \n 'Run the Bank' cost growth contained at 2% \n \n whilst absorbing the cost of six store openings, the People-People advertising campaign and COVID-19 related costs.\n ...