Metro Bank reports reduced losses, implements cost-cutting measures, and anticipates profitability by year-end.

UK high street lender Metro Bank reports reduced losses, implementing significant cost-cutting measures, including job reductions and store closures, which are expected to save it £80m by 2024. The bank anticipates returning to profitability by the end of the year, with a focus on higher-yielding commercial and SME lending. Metro Bank's net loans have dipped by 6% to £11.5bn, and it plans to expand further in the North and East Midlands. Shareholders approved a £925m funding package in November 2022 to secure the bank's future on Britain's high streets.

July 31, 2024
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