Metro Bank PLC (LSE:MTRO) is on track for monthly breakeven early next year assuming there is “no material deterioration in the macroeconomic environment.”
The bank said underlying revenues were up 31% to £236.2mln, which demonstrated “margin expansion and continued momentum in revenue growth.”
As a result, the group expects to achieve monthly breakeven in the first quarter of 2023 - the caveat being the economy doesn't take a turn for the worse.
According to its statement, the group made a first half underlying loss before tax of £48mln compared to a loss of £110mln year-on-year, reflecting significant growth in revenue and actions taken to reduce cost. This was offset by increased expected credit loss provisions.
Operating expenses fell compared to the same period last year by 3% to £266.2mln.
"We have delivered a strong first-half performance and I am encouraged by the continued momentum we are seeing across the bank,” said Daniel Frumkin, chief executive at Metro Bank