Metro Bank Holdings PLC
Unaudited full year results
Trading update 2025
4 March 2026
Metro Bank Holdings PLC (LSE: MTRO LN) (“Metro Bank”)
Legal Entity Identifier: 984500CDDEAD6C2EDQ64
Results for the year ended 31 December 2025
A year of strong growth and operational delivery
- Underlying profit before tax of £98 million, the highest in Metro Bank’s history
- 22% increase in Net Interest Income driving 16% increase in underlying Revenue
- Generated highest NII and Revenue in history of Metro Bank
- Continued NIM expansion, with exit NIM at December 2025 of 3.17%, in line with guidance
- 67% record growth in new corporate, commercial and SME lending as Metro Bank wins market share
- Beat cost guidance (7% reduction versus 4-5% guidance), and delivered on all other guidance
- Return on Tangible Equity1 of 6.4% continues to increase in line with guidance
- Opened new stores in Chester, Salford and Gateshead, new leases signed in Newcastle and Leeds
- Reclassified as a Transfer firm under MREL regime, releasing significant capacity for growth
- 2028 guidance to deliver greater than 18% RoTE, almost trebling 2025 RoTE, firmly positioning Metro Bank as one of the UK market leaders
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
“2025 was a year of strong growth and successful delivery for Metro Bank. Through focused execution of our strategy and pivot to higher margin business, we have boosted underlying profits to £98 million, the highest in our 15-year history, whilst reducing operating costs ahead of target. Metro Bank expects to more than double returns in 6 months and nearly treble them in 18 months through the ongoing execution of our clear strategy.
Metro Bank stands out for our focus on relationship banking, our full service-offer to SMEs and store presence. We are capturing market share in our target segments and have a deep pipeline of attractive lending opportunities. We lent a record £2 billion to companies up and down the UK, supporting growth and creating jobs.
Looking forward, we have a clear strategy and resilient business model that will support profitable growth against a changing market backdrop. Our revised guidance shows we expect to more than double RoTE throughout the fourth quarter of this year and nearly treble it to greater than 18% for 2028. This will see us delivering one of the highest returns of any UK High Street bank.”
- Statutory profit after tax attributable to shareholders as a percentage of average tangible equity (equity excluding other equity instruments, intangible assets and deferred tax assets)
Key Financials
£ in millions | FY 2025 | FY 2024 | Change from FY 2024 | H1 2025 | Change from H1 2025 |
| | | | | |
Assets | £16,475 | £17,582 | (6%) | £16,428 | 0% |
Loans | £8,823 | £9,013 | (2%) | £8,715 | 1% |
Deposits | £13,445 | £14,458 | (7%) | £13,363 | 1% |
Loan to deposit ratio | 66% | 62% | 4pp | 65% | 1pp |
| | | | | |
CET1 capital ratio | 12.5% | 12.5% | 0bps | 12.8% | (30bps) |
Total capital ratio (TCR) | 18.4% | 14.9% | 350bps | 18.9% | (50bps) |
Total capital plus MREL ratio | 26.1% | 23.0% | 310bps | 27.0% | (90bps) |
Liquidity coverage ratio | 306% | 337% | (31pp) | 315% | (9pp) |
£ in millions | FY 2025 | FY 2024 | Change from FY 2024 | H2 2025 | H1 2025 | Change from H1 2025 |
| | | | | | |
Total underlying revenue2 | £585.1 | £503.5 | 16% | £299.0 | £286.1 | 5% |
Underlying profit/(loss) before tax3 | £98.1 | (£14.0) | >100% | £53.0 | £45.1 | 17% |
Statutory profit/(loss) before tax | £87.2 | (£212.1) | >100% | £44.1 | £43.1 | 2% |
Statutory profit after tax4 | £69.7 | £42.5 | 64% | £39.3 | £30.4 | 29% |
Net interest margin | 2.98% | 1.91% | 107bps | 3.10% | 2.87% | 23bps |
Lending yield | 5.69% | 5.33% | 36bps | 5.71% | 5.67% | 4bps |
Cost of deposits | 1.06% | 1.95% | (89bps) | 0.96% | 1.16% | (20bps) |
Cost of risk | 0.16% | 0.06% | 10bps | 0.18% | 0.14% | 4bps |
Earnings per share | 7.8p | 6.3p | 1.5p | 3.3p | 4.5p | (1.2p) |
Book value per share | £2.20 | £1.76 | £0.44 | £2.20 | £2.17 | £0.03 |
Tangible net asset value per share | £1.63 | £1.57 | £0.06 | £1.63 | £1.61 | £0.02 |
- Underlying revenue excludes grant income recognised relating to the Capability & Innovation fund and net profit/(loss) on portfolio sales
- Underlying profit/(loss) before tax is an alternative performance measure and excludes impairment and write-off of property, plant & equipment (PPE) and intangible assets, transformation costs, remediation costs, net profit/(loss) on portfolio sales and costs associated with capital raise
- 2024 profit after tax reflects recognition of Deferred Tax Asset in the period
Investor presentation
A presentation for investors and analysts will be held at 9AM (UK time) on 4 March 2026. The presentation will be webcast on:
https://webcast.openbriefing.com/metrobank-fy25/
For those wishing to dial-in:
From the UK dial: +44 808 189 0158
From the US dial: +1 855 979 6654
Access code: 284804
Other global dial-in numbers: https://www.netroadshow.com/events/global-numbers?confId=67110
Financial performance for the year ended 31 December 2025
Deposits
£ in millions | FY 2025 | FY 2024 | Change from FY 2024 | H1 2025 | Change from H1 2025 |
| | | | | |
Demand: current accounts | £5,862 | £5,791 | 1% | £5,682 | 3% |
Demand: savings accounts | £6,901 | £7,534 | (8%) | £6,991 | (1%) |
Fixed term: sav |
