1 month ago
Stock Market

MarketPulse Europe: Metro Bank Profit Miss Slams U.K. Financial Sector

Investing.com - The U.K. financial sector was on the backfoot in midday trade on Wednesday, as a profit miss and

Investing.com - The U.K. financial sector was on the backfoot in midday trade on Wednesday, as a profit miss and soft guidance by Metro Bank PLC (LON:MTRO) spooked investors.

In its preliminary results for the full year to December, the British lender posted £50 million of pre-tax profits against consensus estimates of £59 million.

The bank also warned that its profit growth softened as the final quarter progressed.

Shares dropped around 30% by 6:40AM ET (11:40 GMT) in London to hit an all-time low.

The steep decline gave no respite to a U.K. banking sector already weakened by ongoing uncertainty over Brexit.

The FTSE 350 Banks index was down 0.6%, on track for its third straight day of losses.

-- Reuters contributed to this report