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Metro Bank posts £183m loss in 'very challenging' year

By BFN News | 09:44 AM | Wednesday 26 February, 2020

Challenger lender Metro Bank slumped to a deep annual loss after it wrote down the value of discontinued IT work as part of a costly transformation plan. Pre-tax losses amounted to £130.8m, swinging from a profit of £40.6m on-year. A the net level, losses were an even deeper £182.6m, owing to a £53m tax adjustment. Underlying losses amounted to £11.7m, compared to a £50.0m profit, which the company said reflected actions to strengthen its balance sheet, debt costs and new accounting standards. 'Our financial performance reflects a very challenging year for Metro Bank,' chief executive Dan Frumkin said. 'External headwinds, internal challenges and actions we took to put the business on a more positive trajectory are reflected in the results.' 'We've fully evaluated our strategy, and have a clear plan which will return the bank to sustainable growth built around a community banking model.' 'An enhanced focus on costs, improved productivity, and investment in our infrastructure will enable our deposit-led franchise to deliver profitable growth over the medium term.' At 9:44am: (LON:MTRO) Metro Bank PLC share price was -15.25p at 176.75p Story provided by

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