*Deposits of £15,623 million as at 31 December 2023 are up 1% from June leading to an elevated liquidity coverage ratio of 332% as at 31 December 2023

*Underlying revenue grew by 5% year-on-year reflecting effective asset rotation and increased yields plus 12% growth in capital efficient fee income, whilst costs marginally reduced, creating positive operating jaws

*Continued to grow personal and business current accounts, opened 246,000 accounts in the year and over 52,000 of those were in the fourth quarter

*On track to deliver £50 million of annualised cost savings in Q1 2024 as previously announced, these savings have been actioned with c.1,000 colleagues, equal to 22% of headcount, leaving before mid-April

*A further £30 million of annualised cost savings is expected to be delivered by the end of 2024

*Remain committed to stores, including opening new stores in the North of England

*Secured the capital position and extended the debt instrument maturities to 2028 or beyond

Daniel Frumkin, Chief Executive Officer at Metro Bank, said:

“Overall, Metro Bank performed strongly in 2023 as we continued to position the business for growth. We were pleased to return to profit on a statutory basis and deliver our best half-year results for several years. After addressing our capital position in Q4, we also launched a successful deposit campaign, with deposits as at the end of February 2024 at the highest level in three years.”

“During the year we also launched a cost saving plan which included reducing store hours and roles across the organisation. These efforts will ensure the bank is right-sized for the future, with a strong focus on both digital and great customer service.”

“Looking forward, I remain confident in our ability to be the number one community bank. The work we have undertaken this year has laid the path to become a structurally profitable business and our focus towards the SME, Commercial and specialist mortgages sector presents an exciting opportunity in an underserved area of the market. I remain grateful for the continued support of our colleagues, customers and shareholders as we embark on the next chapter of our journey”.