good news for those shorting Metro Bank...
"Metro Bank profits fall 30%
In January, Metro Bank revealed that it had underestimated the risk level of some of its commercial loans.
Pre-tax profits for the three months ended 31 March 2019 halved, from £8.6m to £4.3m year-on-year, while pre-tax profits fell 30% from £6.1m to £4.3m compared to the previous quarter.
"Adverse sentiment following January’s update impacted deposit growth in the quarter, with a small number of large commercial and partnership customers making withdrawals," said Metro Bank's chief executive Craig Donaldson.
However, he stressed that net inflows had returned in April, despite a "challenging" quarter, and that customer accounts had increased by 6%, compared with the previous quarter."