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2022 11 02T072625Z 1 LYNXMPEIA107U RTROPTP 4 METRO BANK OUTLOOK - Business Express
FILE PHOTO: Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay

Britain’s Metro Bank returned to profit in September, sees no customer stress


LONDON (Reuters) – Metro Bank said on Wednesday it returned to profit in September by keeping a tight rein on costs and has so far seen no sign of increased stress among its customers as Britain grapples with higher interest rates and an escalating cost of living crisis.

The bank set aside a 10 million pound ($11.49 million) provision in case of losses on loans, and it expects its net interest margin to continue to increase through 2023 as interest rates climb.

“There has been no deterioration in early warning indicators and no signs of stress or increased delinquency across the customer base,” the bank said in third quarter trading update.

($1 = 0.8703 pounds)

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(Reporting by Huw Jones, editing by Sinead Cruise)

 

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