Metro Bank returns to profitability after cutting 30% of workforce
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The bank said it made an underlying pre-tax profit of £12.8 million for the six months to the end of December – a return to profitability after a £26.8 million loss the year before. Metro Bank secured a funding package worth £925 million in 2023, helping secure its future on British high streets. Metro Bank said there had been some deterioration in lending balances due to borrowers being impacted by “the macroeconomic environment including lower house prices, increased cost of living and higher interest rates”. Daniel Frumkin, Metro Bank’s chief executive, said: “It has been a transformational year for Metro Bank as we made substantial progress against our strategy, ending the period ahead of guidance, profitable, and with strong momentum going forward.
History of this topic
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