News

Future of Work

Metro Bank posted a loss for the first nine months of the year, following an accounting scandal and billions of pounds of customer withdrawals. The lender recorded a £3.6m loss for the period, compared with a £25.1m profit a year ago.

It raised £375m from shareholders in May, after uncovering the accounting problem, where risk attached to some of its loans had been underestimated.

The bank has lost almost 90% of its value this year. Chief executive Craig Donaldson acknowledged a “challenging nine months” and said the bank was “further evaluating our future growth plans”.

The bank – which has 70 branches in London and the South East – revealed in January it had underestimated the risk level of some of its commercial loans by almost £1bn.

After customers withdrew funds, the bank said on Wednesday, it had lured depositors back with better rates for fixed-term deposits, gaining £528m.

You may also like...

Keep Up To Date - Subscribe To Our Email Newsletter Today

Get the latest industry news direct to your inbox on all your devices.

We may use your information to send you details about goods and services which we feel may be of interest to you. We will process your data in accordance with our Privacy Policy as displayed on our parent website https://ebm.media