StockMarketWire.com - Challenger bank Metro Bank booked a first-half loss, pinned on impairment and remediation costs following asset sales, as it grinds on with a turnaround plan.

Pre-tax losses for the six months through June amounted to £138.9 million, compared to year-on-year losses of £240.6 million.

Underlying revenue rose 17% to £179.8 million, though underlying losses still amounted to £110.0 million.

'In a challenging environment, Metro Bank has continued to deliver on its strategic priorities,' chief executive Daniel Frumkin said.

'Financial performance reflects where we are in our turnaround plan, as well as the impact of national lockdowns.'

'We are encouraged by the momentum we have achieved, including delivering on higher yielding mortgage products, lower cost of deposits and meaningful entry into the personal lending market.'

'Looking ahead, we remain focused on executing the plan and returning to profitable growth, meeting the bank's strategic objectives and supporting our colleagues, customers and communities.'

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