Aug 5, 2020

City Bulletin: Coronavirus knocks Metro Bank’s recovery off course

Given the run of luck Metro Bank has had over the past 18 months, there was never much hope for its half-year results. On Wednesday morning it said it made a £240m loss in the first six months of the year - not far off twice the £131m loss it made for the whole of last year. Around 60 per cent of Metro's £183m underlying loss was due to Covid-19, the bank said. Legal & General held its dividend, despite pressure earlier in the year from the Bank of England for insurers to exercise prudence over payouts. Trading revenues provided a boost but will loan loss provisions absorb a wave of defaults? Our US and European banking team run you through what we learnt from the wave of bank results of recent weeks.

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