Financials: Banks – LSE – M cap £629m – Price 93.40p – Update
METRO BANK
Delivery on all targets
Metro Bank’s FY24 results provided strong evidence of the effectiveness of its strategy. With momentum building through the year, it has a firm base for further progress in the current year and beyond. Profitability was achieved in H224, much earlier than the bank had guided, and management confidently reaffirmed all previous guidance. This includes a mid- to upper-teens percentage return on tangible equity from 2027 as the transition to higher-return corporate, commercial and SME lending and specialist mortgage lending continues.