Britain’s Metro Bank returned to profit in September, sees no customer stress
LONDON (Reuters) – Metro Bank said on Wednesday it returned to profit in September by keeping a tight rein on costs and has so far seen no sign of increased stress among its customers as Britain grapples with higher interest rates and an escalating cost of living crisis.
The bank set aside a 10 million pound ($11.49 million) provision in case of losses on loans, and it expects its net interest margin to continue to increase through 2023 as interest rates climb.
“There has been no deterioration in early warning indicators and no signs of stress or increased delinquency across the customer base,” the bank said in third quarter trading update.
($1 = 0.8703 pounds)
(Reporting by Huw Jones, editing by Sinead Cruise)