Company
LON:MTRO
Metro Bank is a revolutionary high street bank that provides our customers with unparalleled levels of service and convenience. Founded in 2010, we were the UK’s first new high street bank in more than 100 years. Through our unique customer-focused business we are reinventing the rules of retail banking to make things simpler and more convenient, and provide customers with an amazing banking experience.
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Deutsche kicked off research coverage of Virgin Money and CYBG with a ‘hold’ and ‘sell’ recommendation respectively, while Citi analysts moved Metro to ‘neutral’ but only to bring it in line with its stance on the sector as a whole
Metro is preparing a bid for the package set up by RBS to help small and medium sized businesses
Investments and investor services
The UK blue chip index closed down 1.05% to 7,447 as the pound strengthened after better-than-forecast UK GDP
Archive
PPI, the HBOS acquisition and now the prospect of a rate rise hitting the mortgage market; it's all a bit of a trial for Lloyds
The week ahead includes third quarter earnings from Lloyds, Barclays and RBS along with trading updates from Shire, IAG and GSK
Metro’s “significant volume” of low-cost deposits is a “key competitive advantage” in comparison to other challenger banks, according to Goldman Sachs
In a note to clients, Macquarie's analysts said: “We view management targets for 2020 as challenging and think that growth and margins will slow as the next leg of growth is increasingly driven by expansion into less wealthy regions outside
Investments and investor services
Sterling's strength weighed on FTSE 100 stocks today
The challenger bank recently acquired a £597mln mortgage book from US distressed debt specialist Cerebrus
The FTSE 250-listed firm said the portfolio is primarily made up of buy-to-let mortgages, approximately 92%, with the rest being owner-occupiers
The FTSE 250-listed firm said its underlying pre-tax profit rose to £2.0mln for to quarter to March 31, a turnaround from a £9.6mln loss in the same period in 2016
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Newcomers offer higher ROE, higher growth and attractive cost:income metrics
The challenger bank said today it is on track to report its first profit this year as it narrowed its 2016 loss
RBS and Standard Chartered both feature on Goldman’s ‘buy’ list in the wake of the stress tests
RBS should be able to offset the bulk of margin pressure with strong loan growth.
Archive
An early look at some City analyst views on Monday morning
The interims from Morgan Advanced Materials and Metro Bank pleased the market
Drug company enters the blue-chip ranks as satellite group drops out