May 2, 2019 / 7:13 AM / 19 days ago

Metro Bank shares tumble after weak Q1 profits, deposit outflows

LONDON, May 2 (Reuters) - Shares in Britain’s Metro Bank fell by a fifth on Thursday morning, a day after it said its first quarter profits had halved and some depositors had withdrawn funds following a major accounting error disclosed in January.

Bank analysts downgraded their price targets for the upstart lender and warned of more tough times to come, as it battles to complete a 350 million pound capital raise in the second quarter against a difficult market backdrop.

Metro’s problems began in January when it said it had misclassified the risk weighting on a large book of loans, triggering regulatory probes and pressuring it to raise funds. (Reporting By Lawrence White, editing by Sinead Cruise)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below