'Awful quarter' for challenger bank as pre-tax profits halve and customer deposits fall Metro Bank shares plunged to all-time lows on Thursday after it revealed an accounting error contributed to a 50% drop in quarterly profits and the loss of some of its bigger customers. The challenger bank's share price fell as much as 21% in reaction to a first-quarter earnings report published late on Wednesday. It detailed the fallout from the accounting blunder centred on how it classifies its loan book.
'Awful quarter' for challenger bank as pre-tax profits halve and customer deposits fall Metro Bank shares plunged to all-time lows on Thursday after it revealed an accounting error contributed to a 50% drop in quarterly profits and the loss of some of its bigger customers. The challenger bank's share price fell as much as 21% in reaction to a first-quarter earnings report published late on Wednesday. It detailed the fallout from the accounting blunder centred on how it classifies its loan book.
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