July 24, 2018 / 4:43 PM / 25 days ago

British lender Metro Bank to raise cash, reports higher H1 profit

July 24 (Reuters) - British lender Metro Bank said on Tuesday it would raise more equity and reported higher first-half underlying pretax profit, setting it on track for its second full year of profitability.

Metro Bank, which was founded in 2010 to help break up the dominance of Britain’s biggest banks, said underlying profit before tax rose to 24.1 million pounds ($31.66 million) in the six months ended June 30, driven by strong growth in residential mortgages and commercial lending.

The lender said it planned to raise capital through a non-pre-emptive cash placing of up to about 8.85 million new shares at a price of 3,422 pence per placing share. ($1 = 0.7613 pounds) (Reporting by Noor Zainab Hussain and Justin George Varghese in Bengaluru; editing by David Evans)

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