Metro Bk Hldgs Plc (MTRBF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you all for joining us this morning. I know it's a busy reporting day and I appreciate you taking the time. So this is Metro Bank's full year results 2024 presentation. I'm Daniel Frumkin, the CEO of Metro Bank. I'm joined today by Mark Page. Mark joined us from Barclays a few months ago. He has a depth of experience in retail banking across the UK that is hugely beneficial to Metro Bank and we're really Really pleased that he's chosen to join us, and he'll walk you through the financial performance. I'll come back on and do a bit of strategy, and then we're happy to do Q&A. So let's kick off. So listen, 2024 was a transitional year for Metro Bank. I think the strategy delivered exactly what we said it would deliver. Our operational results support the strategy we put in place. We outperformed all guidance that we provided for year-end 2024. At the half year, we stood up and provided robust guidance. We said that net interest margin would be approaching 2.5% by the end of the year. Exit net interest margin was actually 2.65%, a significant beat on the guidance provided. As part of the guidance we provided that we would be profitable during quarter four, not even for the whole quarter, and yet we generated a £13 million profit for the second half of the year. So we were profitable for the second half of the year. And all of the cost savings were delivered. In addition to beating guidance... the strategies managed to deliver very strong growth momentum. So new loan originations in corporate, commercial and SME lending increased 71% year on year. And it's not even just the growth we had in 2024, we have a strong pipeline at the start of 2025. Our corporate, commercial and SME pipeline for new lending is greater than 50% of all the lending we did i...