- Challenger lender Metro Bank slumped to a deep annual loss after it wrote down the value of discontinued IT work as part of a costly transformation plan.

Pre-tax losses amounted to £130.8m, swinging from a profit of £40.6m on-year.

A the net level, losses were an even deeper £182.6m, owing to a £53m tax adjustment.

Underlying losses amounted to £11.7m, compared to a £50.0m profit, which the company said reflected actions to strengthen its balance sheet, debt costs and new accounting standards.

'Our financial performance reflects a very challenging year for Metro Bank,' chief executive Dan Frumkin said.

'External headwinds, internal challenges and actions we took to put the business on a more positive trajectory are reflected in the results.'

'We've fully evaluated our strategy, and have a clear plan which will return the bank to sustainable growth built around a community banking model.'

'An enhanced focus on costs, improved productivity, and investment in our infrastructure will enable our deposit-led franchise to deliver profitable growth over the medium term.'

At 9:44am: [LON:MTRO] Metro Bank PLC share price was -15.25p at 176.75p

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