Shares up 1 but still close to Oct 2023 lows
Metro to cut 30 mln stg more in costs by end2024
FY underlying loss shrinks to 16.9 mln stg

March 13 Reuters Metro Bank posted a smaller annual loss on Wednesday and set out plans for further cost cuts as it looks to rebound from a year that saw deposit outflows require it to seek a hefty capital injection.

Launched in 2010 to challenge the dominance of Britain39;s big banks, Metro struck a 925millionpound 1.18 billion rescue deal in October in the wake of volatile trading.

In the months that followed, the lender announced costcutting plans including layoffs and an end to some its biggest customer perks including sevenday opening hours.

On Wednesday the bank reported an annual underlying loss before tax of 16.9 million pounds 22 million after a loss of 50.6 million a year earlier.

It posted a reported profit of 30.5 million pounds, its first in four years.

Metro Bank shares ticked up 1 to 34.75 pence after CEO Daniel Frumkin announced a further 30 million pounds in cost savings by the end of this year.

Although that does not include store closures, a significant portion of it will come from reducing contracts and store costs and inevitably some of that could include a reduction in employees, Frumkin told reporters on a postearnings media call.

2023 was certainly an eventful year for Metro Bank. But I39;m confident we are now a stronger business with stronger foundations.

Deposits as of end2023 were up 1 from June…