Metro Bk Hldgs Plc (MTRBF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Welcome to Metro Bank's Full Year Results 2023. I'm Dan Frumkin, the CEO of Metro Bank, which I hope you actually knew. I'm joined by Christina this morning, who is interim CFO and will walk through the financials. Christina was kind enough to join us and we were lucky enough to recruit her. She has lots of experience from her time at GE Capital. and then in Oak North. She'll make the handover to Mark Page, who we announced as our permanent CFO, who will be joining us late in the summer or early in the autumn. And we're excited Mark's joining us. His experience, both at Barclays, Lloyds, and Halifax, means he has a deep knowledge of the UK retail banking, which is where we are focused and going to stretch our legs. So with that, let me kick on with the presentation. I'm going to talk for a few minutes, then I'm going to turn it over to Christina. So listen, significant progress in 2023. 2023, from an operational perspective, was an excellent year. We delivered across almost every key KPI. The strategy is working. The results coming off the back of the strategy are self-evident in the numbers. Deposits grew in the second half of the year. They were up 1% half on half. They continued to grow into February. At the end of February, we had 16.5 billion pounds of deposits. That is within 100 million of the highest ever in the history of Metro Bank. Costs. We remain disciplined about cost. We remain disciplined about reducing cost. We guided initially $30 million of cost savings when we did the capital raise. We increased that to $50. That $50 million has been actioned and will be delivered by early April. In addition, we're increasing guidance from $50 million to $80 million by identifying another $30 million in cost savings on a run rate basis by the end of ...