Metro Bank - Q125 incrementally positive with strong underlying profit growth

Metro Bank announced its Q125 results this morning, which were broadly in line with our expectations. The company continues to make incremental progress and execute its repositioning strategy well. This quarter's strong underlying profit growth vs H224 highlights this trend and further de-risks the investment case. Management continues to reposition the business towards higher returns, lower costs and an optimised capital structure. The focus on commercial and specialist mortgage lending should drive NIM expansion over the next two years and the Q1 results give us added comfort that the story is evolving in line with our growth expectations. The market reacted positively with shares up c 3% at the beginning of trading, immediately after the statement was released.

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