May 1, 2019 / 3:59 PM / 3 months ago

Britain's Metro Bank Q1 profit halves

LONDON, May 1 (Reuters) - Britain’s Metro Bank on Wednesday reported a profit before tax of 4.3 million pounds ($5.63 million), down from 8.6 million pounds a year ago, as the upstart lender battles to restore growth and investor confidence after a major accounting error.

Metro Bank on Jan. 29 said it had misclassified the risk weighting on a large book of loans, an announcement that wiped over 800 million pounds off its value, triggered regulatory probes and forced a 350 million pound equity raising.

The bank said on Wednesday that it aims to complete the share issue in the second quarter of this year. ($1 = 0.7643 pounds) (Reporting By Justin George Varghese and Lawrence White; Editing by Kirsten Donovan)

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