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Third Quarter 2023 Trading Update

7th November 2023

Secured £325m capital raise, comprising £150m of new equity and £175m of new MREL issuance, alongside £600m of debt refinancing as previously announced.

 

£ in millions

30

September

2023

30

June

2023

Change from

H1 2023

30

September

2022

Change from

Q3 2022

 

 

 

 

 

 

Assets

£21,606

£21,747

(1%)

£22,553

(4%)

Loans

£12,513

£12,572

nm

£12,830

(2%)

Deposits

£15,612

£15,529

1%

£16,371

(5%)

Loan to deposit ratio

80%

81%

(1 ppts)

78%

2 ppts

As announced on 8 October, post quarter end Metro Bank noted an increase in deposit outflow rates in advance of the announcement of the capital package. Since the announcement, daily flows have returned to more normal ranges.

The third quarter delivered continued momentum in Personal and Business Current Account growth and customer acquisition as well as a modest statutory profit after tax. Lending reflects continued controlled asset origination and as such capital resources were broadly flat relative to 30 June levels.