Metro Bank share price: what to expect from its half-year results
When is Metro Bank’s results date?
Metro Bank will unveil its half-year results and Q2 earnings on July 24.
Metro Bank’s results preview: what does the City expect?
The FTSE 250 lender’s share price has not performed well this year, with it falling more than 70% since January from £17.18 a share to 464p as of 11:30 GMT on Friday.
Metro Bank disappointed investors with its Q1 results in May, with lender’s CEO Craig Donaldson admitting that quarter had 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,’ he said.
‘2019 is a year of transition as we implement our evolved strategy, with the aim of optimising the balance of growth, profitability and capital efficiency,’ he added.
Investment funds have added additional downward pressure on Metro Bank’s share price, with five firms collectively holding a 5.82% short position against the lender – the largest being Odey Asset Management with a 2.5% holding.
2019 remains a transitional year for Metro Bank as it continues to implement its strategy it outlined in its annual results back in February.
The bank raised £375 million to fund its growth plans, with investors eager to see if the investment has reaped any positive results in its upcoming half-year trading update.
Metro Bank chairman under pressure to resign
Earlier this month, Metro Bank saw its share price tumble on reports that senior executives were pressuring chairman Vernon Hill to resign.
According to a report by the Financial Times, board members have reportedly threatened to jump ship if Hill does not step down.
The pressure for Hill to resign comes as the bank faces an investigation from both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) following a major accounting error that precipitated its stock tumbling in value.
Regulators have called for a restructuring of the bank’s senior management after raising concerns about the quality of its corporate governance.
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