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Metro Bank PLC (MTRO.L)

MTRO.L on London Stock Exchange

752.00GBp
24 May 2019
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783,166
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Latest Key Developments (Source: Significant Developments)

Norges Bank Discloses 3.10% Stake In Metro Bank As Of May 17 - Filing
Tuesday, 21 May 2019 

May 21 (Reuters) - Metro Bank PLC ::NORGES BANK DISCLOSES 3.10% STAKE IN METRO BANK PLC AS OF MAY 17 - FILING.  Full Article

Metro Bank investor Royal London To Oppose CEO, Chair at AGM
Friday, 17 May 2019 

May 17 (Reuters) - Metro Bank PLC ::INVESTOR ROYAL LONDON ASSET MANAGEMENT SAYS HAS DECIDED TO VOTE AGAINST THE RE-ELECTION OF EIGHT DIRECTORS AT AGM.RLAM SAYS CONTINUES TO HAVE SIGNIFICANT CONCERNS OVER GOVERNANCE AT METRO BANK.RLAM SAYS CONSIDERS ONLY FIVE OUT OF 11 METRO BANK DIRECTORS AS INDEPENDENT, DOES NOT CONSIDER THE CHAIRMAN TO BE INDEPENDENT.RLAM SAYS TO VOTE AGAINST RE-ELECTION OF METRO BANK CEO AND CHAIRMAN.  Full Article

Metro Bank Announces Proposed Placing At A Price Of 500 Pence Per Placing Share
Thursday, 16 May 2019 

May 16 (Reuters) - Metro Bank PLC ::PROPOSED PLACING TO RAISE C. £350 MILLION.PLACING WILL BE CONDUCTED THROUGH AN ACCELERATED BOOK-BUILD PROCESS WHICH WILL BE LAUNCHED IMMEDIATELY FOLLOWING THIS ANNOUNCEMENT.PLACING AT A PRICE OF 500 PENCE PER PLACING SHARE.METRO BANK'S CAPITAL POSITION WILL BE STRENGTHENED BY ITS RECEIPT OF NET PROCEEDS OF PLACING.2019 GUIDANCE REITERATED.BOOKBUILD EXPECTED TO CLOSE NO LATER THAN 17 MAY 2019 BUT MAY BE CLOSED EARLIER OR LATER AT DISCRETION OF BOOKRUNNERS.AS AT 31 MARCH 2019, METRO BANK'S COMMON EQUITY TIER 1 CAPITAL RATIO WAS 12.1% OF RISK WEIGHTED ASSETS.METRO BANK EXPECTS MORE MODEST DEPOSIT GROWTH IN 2019 WITH METRO BANK TRANSITIONING TO A RUN RATE OF APPROXIMATELY 20% AFTER 2019.MACROECONOMIC BACKDROP IN UK HAS BEEN PARTICULARLY CHALLENGING OVER RECENT QUARTERS AND METRO BANK HAS NOT BEEN IMMUNE TO THESE PRESSURES.METRO BANK EXPECTS TO OPEN APPROXIMATELY 8 NEW STORES IN 2019, PLUS TWO C&I FUNDED STORES IN MANCHESTER AND LIVERPOOL.COMPLETED ITS ANALYSIS OF ITS COST BASE GROWTH OVER MEDIUM TERM, AND WHERE COSTS CAN BE SAVED OR AVOIDED.METRO BANK WILL ALSO MANAGE ITS LOAN TO DEPOSIT RATIO IN A MEASURED WAY TOWARDS ITS MEDIUM-TERM TARGET OF 85-90%, DRIVING RWA EFFICIENCY.IDENTIFIED OPEX SAVINGS OF £70-75 MILLION VERSUS EXPECTED 2022 EXIT RUN-RATE LARGELY BY STORE EFFICIENCY INITIATIVES AND BACK-OFFICE SAVINGS.AS AT 31 MARCH, CET1 RATIO WAS 12.1% OF RISK WEIGHTED ASSETS, EXCEEDING TIER 1 REGULATORY MINIMUM OF 10.6%.  Full Article

Metro Bank Says 350 Mln Stg Equity Raise 'Well Advanced'
Monday, 13 May 2019 

May 13 (Reuters) - Metro Bank PLC ::STATEMENT RE PRESS SPECULATION.SAYS METRO BANK'S C. £350 MILLION GROWTH EQUITY RAISE IS WELL ADVANCED.SAYS HAS COMMENCED FINAL DISCUSSIONS WITH EXISTING SHAREHOLDERS AND NEW INVESTORS, AND FEEDBACK CONTINUES TO BE POSITIVE..SAYS IS EXPECTED TO BE BY WAY OF A PLACING SUBJECT TO SHAREHOLDER APPROVAL.SAYS COMPANY INTENDS TO RESPECT PRINCIPLES OF PRE-EMPTION AS FAR AS PRACTICABLE VIA ALLOCATION PROCESS.SAYS EQUITY RAISE WILL BE COMPLETED (SUBJECT TO APPROVALS) BY END OF Q2 2019.  Full Article

FMR LLC Discloses 5.37% Stake In Metro Bank As Vs Prior Stake Of 7.55% - Filing
Friday, 10 May 2019 

May 10 (Reuters) - Metro Bank ::FMR LLC DISCLOSES 5.37 PERCENT STAKE IN METRO BANK AS OF MAY 8 VERSUS PRIOR STAKE OF 7.55 PERCENT - FILING.  Full Article

Metro Bank Sees Slower Rate Of Deposit Growth In 2019 After Challenging Q1
Wednesday, 1 May 2019 

May 1 (Reuters) - Metro Bank PLC ::1ST QUARTER RESULTS.Q1 CUSTOMER ACCOUNT GROWTH OF 97,000 (Q1 2018: 88,000) TO 1.7 MILLION.QTRLY UNDERLYING PROFIT BEFORE TAX AT £6.9M (Q1 2018: £10.0M).QTRLY STATUTORY PROFIT BEFORE TAX AT £4.3M (Q1 2018: £8.6M).Q1 YEAR-ON-YEAR TOTAL DEPOSIT GROWTH OF £2.4B ($3.1B), UP 19% TO £15.1B ($19.6B).Q1 YEAR-ON-YEAR LOAN GROWTH OF £4.2B ($5.5B), UP 38% TO £15.2B ($19.8B).YEAR-ON-YEAR REDUCTION IN QTRLY PROFIT REFLECTS A £2.0M NET EFFECT OF ADOPTING IFRS 16 FROM 1 JANUARY 2019.Q1 LOAN TO DEPOSIT RATIO INCREASED TO 100% (Q4 2018: 91%).YEAR-ON-YEAR REDUCTION IN QTRKY PROFIT ALSO REFLECTS £3.5M QUARTERLY INTEREST EXPENSE ON TIER 2 DEBT ISSUED IN JUNE 2018.COMMITTED STANDBY UNDERWRITE IN PLACE TO RAISE C.£350M TO FUND STRATEGIC GROWTH EXPECTED TO LAUNCH IN Q2.PROFITABILITY BENEFITED FROM FEE AND OTHER INCOME GROWTH OF 22% IN QUARTER TO £22.4M (Q4 2018: £18.3M).METRO BANK PLC SAYS "WE HAVE MADE PROGRESS THIS QUARTER ON IMPLEMENTING STRATEGIC INITIATIVES".Q1 HAS BEEN CHALLENGING.ADVERSE SENTIMENT FOLLOWING JANUARY'S UPDATE IMPACTED DEPOSIT GROWTH IN THE QUARTER.FOLLOWING JANUARY'S UPDATE, SMALL NUMBER OF LARGE COMMERCIAL AND PARTNERSHIP CUSTOMERS MADE WITHDRAWALS.SAW A RETURN TO NET INFLOWS IN APRIL.QTRLY TOTAL NET LOANS AS OF 31 MARCH WERE £15,167M, UP 38% FROM £10,974M IN THE PRIOR YEAR..IMPACT OF SENTIMENT FOLLOWING JANUARY'S TRADING UPDATE RESULTED IN A MODEST 3.6% REDUCTION IN TOTAL DEPOSITS.  Full Article

Metro Bank Declines To Disclose Capital Raise Plans, Says 2018 Profit Missed Consensus
Wednesday, 23 Jan 2019 

Jan 23 (Reuters) - Metro Bank PLC ::SAYS TO HAVE ONE-OFF ADJUSTMENTS OF 900 MILLION STG - CONF CALL.DEFINITELY SEEN SOFTENING OF MORTGAGE MARGINS.MARGINS CONTINUE TO BE UNDER PRESSURE.IN LIGHT OF MACROECONOMIC RISKS, CO DID SEE A CHANGE IN "CUSTOMER BEHAVIOUR" THROUGH Q4.MADE 900 MILLION STG ADJUSTMENT FOLLOWING INTERNAL REVIEW; ALSO SHARED INFORMATIONS WITH PRA.2018 UNDERLYING PRETAX PROFIT 50 MILLION STG VERSUS CONSENSUS OF 59 MILLION STG.DID NOT RAISE ANY CAPITAL IN Q4.METRO BANK, WHEN ASKED ABOUT CAPITAL RAISE PLANS, DECLINES TO COMMENT BUT SAYS "WILL LOOK AT ALL OPTIONS TO MAXIMIZE SHAREHOLDER RETURN".  Full Article

Metro Bank Sees FY Underlying Pretax Profit To More Than Double
Wednesday, 23 Jan 2019 

Jan 23 (Reuters) - Metro Bank PLC ::METRO BANK FY18 RESULTS PREVIEW & TRADING UPDATE.TRADING IN Q4 CONTINUED TRENDS WITNESSED IN FIRST THREE QUARTERS.DEPOSITS REACHED £15.7 BLN AS AT 31 DECEMBER 2018, AN INCREASE OF 34% VERSUS 2017, FOLLOWING QUARTERLY GROWTH OF £848M.2018 TOTAL ASSETS WERE £21.7 BLN, AN INCREASE OF 32% VERSUS 2017.TOTAL CAPITAL RATIO IS EXPECTED TO BE APPROXIMATELY 15.8% AS AT DECEMBER 31 2018.UNDERLYING PROFIT BEFORE TAX OF £50M FOR 2018 GREW BY 138% VERSUS 2017, BUT SOFTENED AS LAST QUARTER PROGRESSED.REMAINS WELL POSITIONED TO SUPPORT OUR GROWTH STRATEGY AS WE NAVIGATE AN UNCERTAIN PERIOD FOR UK.FY LOANS £14.2 BLN VERSUS £9.6 BLN.  Full Article

Spruce House Partnership Raises Metro Bank Stake To 4.95 Pct
Tuesday, 30 Oct 2018 

Oct 30 (Reuters) - Metro Bank PLC ::SPRUCE HOUSE PARTNERSHIP LP RAISES STAKE TO 4.95 PERCENT FROM 3.54 PERCENT IN METRO BANK - FILING.  Full Article

Metro Bank Says Q1 Deposit Growth Of 1.03 Bln STG, Up 41 Pct
Wednesday, 25 Apr 2018 

April 25 (Reuters) - Metro Bank PLC ::1ST QUARTER RESULTS.Q1 DEPOSIT GROWTH OF £1,033M, UP 41% YEAR-ON-YEAR TO £12.7B.NET DEPOSIT GROWTH PER STORE PER MONTH OF £6.3M ($8.8M) IN Q1 2018 VERSUS £5.9M ($8.3M) IN Q4 2017.Q1 LENDING GROWTH OF £1,354M, UP 69% YEAR-ON-YEAR TO £11.0B.Q1 DEPOSIT GROWTH OF £1,033M, UP 41% YEAR-ON-YEAR TO £12.7B.Q1 UNDERLYING PROFIT BEFORE TAX 1 AT £10.0M ($14.0M), UP 21% FROM £8.3M ($11.6M) IN Q4 2017.88,000 INCREASE IN CUSTOMER ACCOUNTS IN Q1 TO 1,305,000.INCREASE IN LOAN TO DEPOSIT RATIO TO 86%. ASSET QUALITY REMAINS STRONG; COST OF RISK AT 0.09% IN Q1."IN LONDON AND SOUTH EAST - WHICH ACCOUNTS FOR 34% OF UK'S SME MARKET - WE ARE SEEING THOUSANDS OF BUSINESSES SWITCH TO US"- CEO.WE CONTINUE TO ASSESS APPROPRIATE CAPITAL TO FUND OUR GROWTH AND ANTICIPATE A TIER 2 DEBT ISSUANCE IN 2018.OUR BID FOR RBS ALTERNATIVE REMEDIES PACKAGE APPLICATION IS PROGRESSING.COMMON EQUITY TIER 1 CAPITAL AS A PERCENTAGE OF RISK WEIGHTED ASSETS IS 13.6% IN Q1.  Full Article

PRESS DIGEST- British Business - May 14

May 14 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.