Key facts
- Metro Bank reported a record half-year pre-tax profit of £60.7 million.
- The pre-tax profit represents a 41% increase year-on-year.
- Metro Bank's revenue increased by 5% to £301 million.
- The bank is expanding its small business lending.
- This expansion aims to offset legacy portfolios.
Metro Bank has reported a significant increase in its financial performance, achieving a record pre-tax profit of £60.7 million for the half-year. This figure represents a substantial 41% jump compared to the same period last year. The bank's revenue also saw a healthy increase of 5%, reaching a total of £301 million. A key driver behind this improved profitability is Metro Bank's strategic expansion into small business lending. This initiative is designed to offset the challenges posed by its existing legacy portfolios, which may carry higher risks or lower returns. By focusing on growing its small business loan book, Metro Bank aims to build a more resilient and diversified lending operation. The bank's commitment to supporting small businesses is a central theme in its current strategy, reflecting a broader industry trend towards catering to this vital economic sector. This expansion is expected to contribute to sustained profit growth and a stronger market position for Metro Bank in the coming periods.