0801 GMT - Metro Bank shares rise to their highest price in five months after the high-street lender's first-quarter update, in which it confirmed it is on track to meet its guidance. Shares were up 3.6% to 108 pence, their highest price since late November. It was reassuring to learn that the quarter was profitable, analyst John Cronin of SeaPoint Insights says. This evidences that the asset rotation and deposit optimisation strategy is working, he says. The reduction in net loans encompasses a portfolio disposal and the run-off of the rest of consumer and government-backed lending portfolios, showing that there is some core net loan growth coming through too. The fall in deposits is also a good thing as this reflects funding-cost optimization, he adds. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
May 08, 2025 04:01 ET (08:01 GMT)
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