Metro Bank blunder sparked business cash exodus

  • 📰 SkyNews
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 67%

Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

The challenger bank admits some of its biggest customers pulled their money after it admitted a big accounting error in January.

Its core capital ratio, a key measure of financial strength, fell by a full percentage point in the three months to 12.1% - just above the level it targets as its minimum.

Metro said it was not immune to wider issues in the banking sector, namely stiff competition in the mortgage market and a sharp slowdown in corporate loans linked to uncertainty over Brexit. The bank, which has almost 70 branches and is targeting growth in its network as the major lenders cut their exposure to high streets, did however see an acceleration in customer numbers.Chief executive Craig Donaldson said:"We are proud to have built a customer-centric business over the past nine years but this quarter has been challenging.

"Adverse sentiment following January's update impacted deposit growth in the quarter, with a small number of large commercial and partnership customers making withdrawals, but we are pleased to see a return to net inflows in April."

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 35. in BE

Belgique Dernières Nouvelles, Belgique Actualités