Dow Jones Newswires: Metro Bank 2022 pretax loss narrowed on higher interest rates

by | Mar 2, 2023 | Stock Market

Metro Bank PLC
on Thursday reported a narrowed pretax loss for 2022 having benefited from higher interest margin and as legacy issues regarding U.K. regulatory investigations closed during the year. The U.K. lender made a pretax loss of 70.7 million pounds ($85 million) for the year ended Dec. 31 from a loss of GBP245.1 million in 2021, as legacy issues regarding the Bank of England’s Prudential Regulation Authority and Financial Conduct Authority investigations into historical risk weighted assets reporting and their associated costs concluded in December.

Stripping out exceptional and other one-off items the adjusted pretax loss was GBP50.6 million compared with a loss of GBP171.3 million. The Office of Foreign Assets Control investigation into sanctions breaches was also closed during the year with no financial penalty. “The outcome was within the range of outcomes we expected and we can now put this legacy issue firmly behind us, having greatly improved our reporting processes and controls,” the company said. Metro’s net interest income came in at GBP404.1 million, up from GBP295.3 million, reflecting the bank’s balance sheet optimization strategy of shifting toward higher yielding assets and rolling off more expensive fixed t …

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