Metro Bank ramped up its provisions for bad loans more than 75% to 40 million pounds in 2022 as the British mid-sized lender pointed to the beginning of a 'potentially more challenging phase of the credit cycle'.
Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo/File Photoramped up its provisions for bad loans more than 75% to 40 million pounds in 2022 as the British mid-sized lender pointed to the beginning of a "potentially more challenging phase of the credit cycle".
Bank profits have been lifted by successive rate hikes by the Bank of England, enabling them to make more money on lending to consumers and businesses, despite the threat to the economy posed by elevated levels of inflation. London-based Metro Bank said on Thursday the majority of the loan loss-related provision was due to a 33 million pounds increase in impairments on loans to consumers, although the lender added it was yet to see any signs of significant distress among customers.Metro Bank's annual losses fell by about two-thirds in 2022 to 50.6 million pounds. It also reported its first quarterly profit since 2019 in the final three months of the year, as it benefited from rising interest rates and cost cuts.
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