Metro Bk Hldgs Plc (MTRBF) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.637 Welcome to MetroBank's Half One 2025 results presentation. 00:00:05.637 -- 00:00:09.358 I'm Dan Frumkin, CEO of MetroBank. 00:00:09.921 -- 00:00:12.582 Half One 2025 00:00:13.324 -- 00:00:18.449 shows the strategic pivot we started 18 months ago, 00:00:18.449 -- 00:00:20.071 refocusing 00:00:20.071 -- 00:00:24.495 on MetroBank's relationship banking ethos 00:00:24.495 -- 00:00:26.696 is working. 00:00:26.798 -- 00:00:32.459 The strong financial performance combined with the actions taken, 00:00:32.821 -- 00:00:35.422 positions Metrobank 00:00:36.144 -- 00:00:38.306 to deliver best-in-class 00:00:38.306 -- 00:00:41.607 returns over time. 00:00:42.870 -- 00:00:45.412 You're going to hear from me this morning a bit of an overview. 00:00:45.412 -- 00:00:49.656 Then we'll go into Mark, who will give you more detail on the financial performance. 00:00:49.656 -- 00:00:54.740 And then I'll talk a bit about the strategy driving the future through 2027 and 00:00:54.740 -- 00:00:59.549 beyond. And then we're always happy to take your questions. 00:00:59.549 -- 00:01:04.732 So let's start. Revenue was up 22% year 00:01:05.055 -- 00:01:10.701 on year. It's up 22% even though the Bank of England base rate is down 100 00:01:10.701 -- 00:01:12.643 basis points. 00:01:12.643 -- 00:01:14.926 We also shrunk 00:01:14.926 -- 00:01:18.510 the balance sheet by 24%. So 00:01:18.510 -- 00:01:23.815 we managed to grow revenue while shrinking the balance sheet 00:01:23.815 -- 00:01:26.498 and living in a lower rate environment. 00:01:26.498 -- 00:01:29.468 We also managed to reduce costs 00:01:29.468 -- 00:01:33.012 to reduce costs by 8% 00:01:33.012 -- 00:01:38.298 year on year. That gave us a JAWS of 30%. It 00:01:38.298 -- 00:01:42.163 led to a 45 million...