Home Business NewsBusinessBanking Covid hits Metro Bank with £240m in pre-tax loses

Covid hits Metro Bank with £240m in pre-tax loses

by LLB Finance Reporter
5th Aug 20 11:57 am

Metro Bank have announced they have been hit hard by the pandemic and swing into heavy losses in the first half of the year.

Coronavirus has cost the £109m and in the first six months of the year the bank reported pre-tax loss of £240.6m, compared to £3.4m profit in the same period in 2019.

Chief executive Daniel Frumkin said, “These have been testing times but I’m very proud of the way Metro Bank has demonstrated the benefits of its community banking model, with our colleagues stepping up to support our customers and the local communities we serve.”

Metro Bank said their cash deposited grew by 14% to £15.6bn.

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