BREAKING NEWS

BREAKING NEWS

Metro Bank shares tumble after weak first-quarter profits, deposit outflows

Metro Bank shares tumble after weak first-quarter profits, deposit outflows
FILE PHOTO: A logo is seen on the outside of a branch of Metro Bank in central London July 28, 2010. REUTERS/Toby Melville -
Copyright
Toby Melville(Reuters)
Text size Aa Aa

LONDON (Reuters) - Shares in Britain's Metro Bank fell by a fifth on Thursday morning, a day after it said its first quarter profits had halved and some depositors had withdrawn funds following a major accounting error disclosed in January.

Bank analysts downgraded their price targets for the upstart lender and warned of more tough times to come, as it battles to complete a 350 million pound capital raise in the second quarter against a difficult market backdrop.

Metro's problems began in January when it said it had misclassified the risk weighting on a large book of loans, triggering regulatory probes and pressuring it to raise funds.

(Reporting By Lawrence White, editing by Sinead Cruise)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.