Metro Bank (United Kingdom)

Ticker MTRO

Today's data summary

Market open
% change
+0.56%
Price Pence
285.60
Change
+1.60
As of 11:53 19 Sep 2019
Market cap. Pound sterling
495.54 million
As of 11:53 19 Sep 2019

Latest updates

Metro top and RBS bottom in banks' customer ratings

People walk past Metrobank
Reuters

Customers have provided a ray of sunshine for Metro Bank as the embattled business topped official satisfaction ratings.

Metro was joint top with First Direct, with 82% of personal British customers saying they would recommend the banks to their family and friends.

Metro has seen its share price nosedive in recent months and is looking for a new chairman.

RBS remained bottom of the twice-yearly customer rankings.

Metro Bank falls again

metro bank
BBC

It's another difficult day for Metro Bank shareholders.

The shares were floated at £20 a share in 2016 and rallied to levels around £40 in 2018.

They have been trading around 332p - a record low - having fallen sharply this week on signs of pressure on profitability in the banking sector.

Centrica shares off 17%

london skyline
Getty Images

With just the last 30 minutes or so of trading left in London on Tuesday, miner Fresnillo and British Gas-owner Centrica are battling it out to register the biggest losses of any FTSE 100 share today.

Fresnillo is off 16% while Centrica has plunged to 21 year lows, down 17%.

In the FTSE 250, CYBG is still the biggest loser, down 11% after the owner of Virgin Money and Clydesdale and Yorkshire banks issued results. Metro Bank, having a torrid time of late on the stock market, is down 7% at 370p and on course for what appears to be a record low.

Metro Bank: nine years since opening

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It was not until 2016 that the bank was floated on the stock market. Investors appear to have little to celebrate: The shares were floated at £20 a share and rallied to levels around £40 in 2018.

They are now trading at levels around 400p.

The shares have been pummelled in the wake of accounting issues, a share placing and last week's news that customers withdrew £2bn of deposits over the six months to June when pre-tax profits fell to £3.4m from £20.8m a year earlier.

Metro Bank shares plunge 16%

share price chart
BBC

Metro Bank's shares have plunged following its results, which were published after the stock market closed on Wednesday.

It said customers withdrew £2bn of deposits over the six months to June and that half year pre-tax profits fell to £3.4m from £20.8m a year earlier.

It floated at £20 a share in 2016 and rallied to levels around £40 but is now trading below 400p.

Back in May the company raised £375m from a share placing to bolster its finances at 500p.

Cobham shares rocket, Metro Bank slumps

plane
COBHAM

The FTSE 250 index is up 104 points at 19,892.26 in early trading.

Cobham, which has agreed to a £4bn takeover by private equity group Advent, is soaring. The shares in the defence and aerospace group are up 34% to 165 pence, matching the offer price.

Metro Bank, which released results after the stock market was closed on Wednesday, is leading the fallers, down 8% at 433.8p.

Metro Bank gets new non-exec

Metro Bank
Getty Images

Metro Bank, ahead of its results expected after the market closes, says it has named a new non-executive director - and continues to search for others.

He is former senior executive at Bank of Ireland, Michael Torpey.

Vernon Hill, the chairman - who is facing speculation that he will step down - said: "Joining the revolution in British banking, Michael brings deep banking expertise that will be invaluable for Metro Bank during our year of transition and beyond, as we deliver on our evolved strategy".

Metro Bank in talks to sell £500m loan book

Metro Bank sign
Getty Images

High Street lender Metro Bank has confirmed that it is in talks to sell a £500m book of mortgage assets to US hedge fund Cerberus Capital Management.

It was responding to a report by Sky News, which said the bank could announce a deal as soon as Wednesday when the lender is due to release its half-year results.

But, Metro Bank warned: "There can be no certainty at this stage that an agreement will be reached."

In February 2018, Metro Bank bought a £520m book of buy-to-let loans from Cerberus.