Metro Bank Holdings Plc · LSE:MTRO
Metro Bank — Metro Bk Hldgs — H1 2026 Earnings Presentation
27 slides from Metro Bank's earnings presentation, Aug 4, 2026
Slide 1: Strong performance: Strategy in action
Strong performance: Strategy in action H1 2026 Results Presentation 4 August 2026
Slide 2: Agenda
Agenda Overview Daniel Frumkin, Chief Executive Officer Financial performance Marc Page, Chief Financial Officer Strategy driving the future Daniel Frumkin, Chief Executive Officer Q&A Daniel Frumkin, Chief Executive Officer Marc Page, Chief Financial Officer
Slide 3: Strong performance through strategic execution
Strong performance through strategic execution All profitability metrics improved year-on-year Continued record growth in Corporate & Commercial lending £61m 7.5% Credit approved pipeline New originations Underlying profit RoTE £0.8bn £0.8bn £1.0bn ▲ 34% YoY ▲ 270bps1 YoY £0.6bn £0.6bn 3.25% 77% £0.
Slide 4: On track for RoTE >13% in Q4 2026
On track for RoTE >13% in Q4 2026, with clear path to >18% RoTE in 2028 >18% RoTE in 2028 from mechanical uplifts and continued strategic execution c.9.2% mechanical RoTE uplift from maturity of fixed-rate treasury assets, annualisation of H1 2026 lending and call of MREL debt Continued active asset
Slide 5: Reaffirming all guidance
Reaffirming all guidance, building to RoTE >18% in 2028 2026 2027 2028 Exit NIMs 3.40% - 4.00% 3.75% - 4.50% Cost to income ratio 75% - 70% 65% - 60% 55% - 50% RoTE >13% in Q4 2026 >15% >18% Clear path to >18% RoTE in 2028 Guidance statements are predicated on modelling assumptions including interes
Slide 6: Financial Performance
Financial Performance Marc Page Chief Financial Officer
Slide 7: Trading momentum drives continued growth in profit
Trading momentum drives continued growth in profit Increased lending yield Maintained cost of deposits Improved exit NIM 1 Increased revenue2 (£m) 5.78% 1.16% 3.25% 299 301 3.17% 5.71% 0.96% 0.98% 5.67% 2.95% 286 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 Lowered cost to
Slide 8: Consistent execution grows underlying PBT 34% year-on-year
Consistent execution grows underlying PBT 34% year-on-year £m H1 2026 H1 2025 YoY 34% Lending income 260 251 4% 4 Treasury income 106 113 (6)% 5 (16) Deposit expense (64) (79) 19% 13 Debt capital and other expense (60) (62) 3% 61 10 Net interest income 242 223 8% Net fees and other income 55 63 (13%
Slide 9: Structural growth drivers
Structural growth drivers Active asset Repricing of treasury rotation assets Relationship Strong deposits franchise cost discipline
Slide 10: Continued strategic asset rotation with record growth in Corporate and Commercial
Continued strategic asset rotation with record growth in Corporate and Commercial Increased core business lines by 43% year-on-year Commercial lending now 44% of 45% of total Mortgage book now total lending book specialist in nature Lending balances1 H1 26 H1 25 YoY H2 25 HoH £bn Commercial 4.0 3.1
Slide 11: Treasury asset repricing in H2 2026 presents revenue tailwinds
Treasury asset repricing in H2 2026 presents revenue tailwinds £24m annualised revenue benefit from H2 2026 maturities Scaling structural hedge to maintain interest rate neutrality 300 250 • Strategic pivot to Commercial lending sees the loan book become more floating-rate in nature 200 150 • Struct
Slide 12: Relationship-led strategy continues to provide strategic funding advantage
Relationship-led strategy continues to provide strategic funding advantage Current accounts more than double the market average Growing share of deposits from SMEs, in line with strategy 120 % 16,0 00 1.16% 0.96% 0.98% 14,0 00 5% 5% 5% 100 % 34% 12,0 00 80% 35% 10,0 00 52% 51% 52% 37% 60% 8,00 0 48%
Slide 13: Cost discipline sustained in line with guidance
Cost discipline sustained in line with guidance Costs down 2% year-on-year, 2026 broadly flat to 2025 Continued improvements in cost to income ratio 300 235£530m 238 £510m 231 £473m 250 22 17 16 200 113 125 122 150 82% 100 80% 100 96 93 50 77% - H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 People costs Non-p
Slide 14: Confidently reaffirming all guidance
Confidently reaffirming all guidance, building to RoTE >18% in 2028 H1 2026 2026 2027 2028 Exit NIMs 3.25% 3.40% - 4.00% 3.75% - 4.50% Cost to income ratio 77% 75% - 70% 65% - 60% 55% - 50% RoTE 7.5% >13% in Q4 2026 >15% >18% >13% RoTE in Q4 2026, with a clear path to >15% RoTE in 2027 and >18% RoTE
Slide 15: Strategy driving the future
Strategy driving the future Daniel Frumkin Chief Executive Officer
Slide 16: Corporate, Commercial and SME lending key driver of future RoTE growth
Corporate, Commercial and SME lending key driver of future RoTE growth Regional hubs driving strong deal flow, enabling lending to customers we know from across the UK Of all new lending extended to SMEs1 in the UK over the past 12 months: For £6bn of deal flow seen across H1 2026: 64% Rejected: Dea
Slide 17: A unique opportunity for future growth
A unique opportunity for future growth Investment in AI and Infrastructure have Meaningful market opportunities across Strategoc optionality from significant created an efficient, scalable platform both SME and Retail future capital build Agentic Prospecting Tool £241 billion Growth in RoTE delivers
Slide 18: Resilient model, structurally advantaged to deliver leading risk-adjusted returns
Resilient model, structurally advantaged to deliver leading risk-adjusted returns Local relationship-led service model Risk adjusted lending yield Only bank offering dedicated relationship management to business of all sizes 3.00% 4.00% 5.00% 6.00% 7.00% 0.00% H1 26 Target Generating low-cost deposi
Slide 19: Q&A
Q&A Daniel Frumkin, Chief Executive Officer Marc Page, Chief Financial Officer
Slide 20: Appendices
Appendices
Slide 21: Relationship-based model remains at the heart of why Metro Bank wins
Relationship-based model remains at the heart of why Metro Bank wins Local relationship-led service model unrivalled Breadth of services a key differentiator to by larger banks challenger banks A sophisticated suite of New FX Forwards services The only Bank to offer dedicated Local Business lending
Slide 22: Significant capacity for disciplined RWA growth
Significant capacity for disciplined RWA growth Portfolio remains highly collateralised and prudently Capital stack provides significant capacity provisioned for further growth 9% Asset and 25.3% 4% Consumer & Invoice Finance Commercial other 7.4% MREL 3% Government backed incl. BBLs, 2.1% T2 13.7%
Slide 23: P&L
P&L £m H1 2026 H1 2025 YoY H2 2025 HoH Net interest income 241.5 222.9 8% 237.4 2% Net fees and other income 55.1 63.4 (13%) 61.4 (10%) Net gains/(losses) on sale of assets 4.4 (0.2) >100% 0.2 >100% Total underlying revenue 301.0 286.1 5% 299.0 1% Underlying operating costs (230.6) (234.7) 2% (238.0
Slide 24: Balance Sheet
Balance Sheet £m H1 2026 H1 2025 YoY H2 2025 HoH Loans and advances to customers 9,074 8,715 4% 8,823 3% Treasury assets 6,530 6,386 2% 6,345 3% Other assets 1,421 1,327 7% 1,307 9% Total assets 17,025 16,428 4% 16,475 3% Deposits from customers 13,216 13,363 (1%) 13,445 (2%) Deposits from central b
Slide 25: Statutory to Underlying reconciliation
Statutory to Underlying reconciliation H1 2026 Statutory Impair/WO's Underlying Net C&I costs Transformation costs Remediation costs £m basis PPE/intangible assets basis Net interest income 241.5 - - - - 241.5 Net fee and commission income 43.3 - - - - 43.3 Net gains on sale of assets 4.4 - - - - 4.
Slide 26: Alternative Performance Metrics
Alternative Performance Metrics Net interest margin (NIM) Cost of deposits (CoD) Net interest income as a percentage of average interest-earning assets Interest expense on customer deposits divided by the average deposits from customers for the year £m H1 2026 H1 2025 H2 2025 £m H1 2026 H1 2025 H2 2
Slide 27: An introduction to Metro Bank
An introduction to Metro Bank An award-winning UK bank Relationship banking specialists A compelling investment case We’re Metro Bank- an award-winning We are committed to building Metro Bank Holdings PLC is listed on independent UK bank growing in relationships with our customers and the London Sto