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First Quarter 2020 Trading Update

5th May 2020

During this challenging time for the UK our priority remains supporting our customers, our colleagues and our communities. All our stores have remained open. Colleagues are working with customers whose personal or business finances have been impacted to ensure they benefit from the most appropriate support. The bank has also put in place new processes for more vulnerable customers to access cash and dedicated times to call. The business has proved its resiliency, with digital services and back office functions continuing to perform well throughout.


Q1 total deposits were £14,554 million, up £77 million since 31 December 2019, reflecting growth in retail savings accounts, despite a reduction in fixed term deposit rates to more normalised levels in the market. Total deposits remained stable in April.

Q1 total net loans were £14,512 million, £169 million below the 31 December position, following proactive management of lending growth. The loan to deposit ratio reduced to 100% at the end of the quarter.

Capital and MREL ratios remain in excess of regulatory minima following close control of growth in risk weighted assets (RWAs). Liquidity coverage ratio was again strong, closing the quarter above 197% reported at December 2019.

COVID-19. The bank is supporting customers’ requests for repayment holidays, participating in the Coronavirus Business Interruption Loan Scheme and applying to participate in the Bounce Back Loan Scheme.

The impact of COVID-19 has been, and continues to be, rapidly evolving and difficult to predict with any certainty. An update on the impacts of the pandemic and its economic consequences will be provided at the H1 results.

Daniel Frumkin, Chief Executive Officer at Metro Bank said:

“Our colleagues have shown incredible commitment to serving our customers and communities in the face of the challenges caused by COVID-19, and we are doing everything we can to meet customer needs through all our channels. Despite the unfolding situation, I’m pleased that deposits continued to grow in the first quarter. Our ambition to become the UK’s best community bank has never been more important, and we’ve made early progress on the strategic initiatives announced earlier in the year.”