– Improve loan mix and maximize risk-adjusted returns on capital

– Margin expansion, NII growth and cost recovery drive revenue growth

– Enable sustainable growth through strong cost control and improved operating jaws

– Targeted infrastructure development to improve resilience and protect the Bank

– Management remains focused on execution with clear milestones to break even

Continued focus on customers, communities and colleagues, elected lead bank for global service, supported local communities with government-backed loans, and successfully transitioned colleagues to a hybrid working model while maintaining the strong culture of the bank

Underlying revenue rose 17% to £397.9m, reflecting the shift to higher yielding assets, lower cost of deposits and a recovery in client activity.

Underlying costs of £546.8m reflect management’s actions to control costs, deliver positive operating jaws and leverage the fixed cost base, underlying operating costs have decreased by 1% in the second half

Underlying pre-tax loss reduced by 37% to £171.3m, an underlying loss of £61.3m in the second half was down 44% from the first half, underscoring the momentum profitability

Pre-tax statutory loss of £245.1m following settlement of PRA investigation, provisioning for FCA investigation, sanctions-related remedies and one-time expense items that underpin the path to profitability, such as restructuring and depreciation of inherited fixed assets

Daniel Frumkin, chief executive of Metro Bank, said:

“Two years into the turnaround, our strategy is delivering meaningful results as we move towards profitability. This had a significant impact on underlying revenues, which improved by 42% 1 after adjusting for the disposal of the mortgage portfolio Encouragingly, the second half generated even stronger revenues and exit performance from NIM, giving continued momentum through 2022. There is still a long way to go, but our focus on delivering higher margins through unsecured and specialty mortgages, along with tight cost control , enables transformational change. We remain committed to implementing the strategy we have set out, including supporting communities in the which we operate.