Business
Results for Year ended 31 December 2019
Results for Year ended 31 December 2019.
About this update from Metro Bank Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 1365E\n Metro Bank PLC\n 26 February 2020\n \n \n \n \n Metro Bank PLC\n \n \n Full year results\n \n \n Trading Update 2019\n \n \n 26 February 2020\n \n \n \n \n Metro Bank PLC (LSE: MTRO LN)\n \n \n \n Results for Year ended 31 December 2019\n \n \n \n \n \n · \n \n Financial performance reflects a challenging year \n \n \n \n · \n \n Balance sheet strength retained\n \n \n \n · \n \n Strong annual growth in customer accounts\n \n \n \n · \n \n Ambition to become the UK's best community bank\n \n \n \n \n \n \n Summary: \n \n \n \n \n \n \n \n \n \n · \n \n \n \n \n Underlying loss before tax of £11.7 million (2018: £50.0 million profit) reflecting balance sheet strengthening actions, IFRS 16 impact and debt interest expense.\n \n \n \n \n \n \n · \n \n \n \n \n \n Statutory loss before tax of £130.8 million \n \n (2018: £40.6 million profit) primarily reflecting a £68 million write-down of intangible assets (no impact on regulatory capital).\n \n \n \n \n \n \n · \n \n \n \n \n \n 21% growth in retail and SME\n \n core deposits to £10.2 billion (2018: £8.4 billion). \n \n \n \n \n \n \n · \n \n \n \n \n \n Net fee and other income up 43%, \n \n driven by customer growth and the launch of fee-earning services.\n \n \n \n \n \n \n · \n \n \n \n \n \n Strong capital position \n \n with Common Equity Tier 1 (CET1) ratio of 15.6% (2018: 13.1%).\n \n \n \n \n \n \n · \n \n \n \n \n \n Surpassed 2.0 million customer accounts \n \n (2018: 1.6 million).\n \n \n \n \n \n \n · \n \n \n \n \n \n Rated no. 1 for service in stores and for online and mobile banking\n \n \n \n 1\n \n \n . \n \n \n \n \n \n \n · \n \n \n \n \n Strategic ambition to become the UK's best community bank.\n \n \n \n \n \n \n · \n \n \n \n \n Strategic plan revised to achieve statutory RoTE >8.5% by 2024:\n \n \n - \n Deliverable cost and revenue initiatives identified and being implemented, complemented by targeted investments, with returns further enhanced through balance sheet optimisation\n \n \n \n \n \n \n \n \n \n \n Key Financials: \n \n \n \n \n \n \n \n \n \n \n \n \n £ in millions\n \n \n \n \n 31\n \n \n December\n \n \n 2019\n \n \n \n \n 31\n \n \n December\n \n \n 2018\n \n \n \n \n Change from\n \n \n full year 18\n \n \n \n \n 30\n \n \n September \n ...