Metro Bank PLC Credit Rating
Metro Bank PLC holds a blended long-term credit rating of BB — the "Lower Medium" band, which is below investment grade, with a positive outlook. That figure combines the latest long-term issuer ratings from Fitch onto a single comparable scale, and indicates a capacity to meet its commitments that is currently in place but vulnerable to adverse business or economic conditions. Metro Bank PLC is owned by Metro Bank PLC (public). A credit rating measures an institution's ability to meet its financial obligations — it is an opinion, not a guarantee, and it is separate from deposit protection.
Metro Bank credit ratings by agency
| Agency | Long-term rating | Outlook | Last confirmed |
|---|---|---|---|
| Fitch Ratings | BB | Positive | 15 Aug 2026 |
Rating History Chart
Rating History
| Date | Rating | Agencies |
|---|---|---|
15 Aug 2026 |
Fitch | |
27 Jan 2026 |
Fitch | |
15 Oct 2023 |
Fitch | |
20 Apr 2020 |
Fitch | |
15 Sep 2019 |
Fitch | |
15 Jun 2016 |
Fitch |
Service record: complaints, incidents and customer survey
Complaints: in the FCA's 2025 H2 file (July 2025 to December 2025), Metro Bank received 11,111 banking and credit-card complaints, 3.99 per 1,000 accounts. The bank upheld 51% of those it closed and closed 42% within three days. The previous period was 3.45 per 1,000, so complaints rose. Compare all banks.
Outages and incidents: Metro Bank reported
0 major operational or security incidents to the FCA in the quarter to 30 June 2026 and 1 in the 12 months to 30 June 2026 (mobile app 1, online banking 1, telephone 1)
Customer survey (CMA / Ipsos, August 2026): share of Metro Bank's own customers who would recommend it.
| Measure | Market | Would recommend | Rank |
|---|---|---|---|
| Branch services | Great Britain | 68% | 3= of 13 |
| Online and mobile banking | Great Britain | 70% | 11= of 17 |
| Overall service quality | Great Britain | 60% | 10 of 17 |
| Overdraft services | Great Britain | 67% | 7 of 16 |
| Branch and business centre services (business) | Great Britain | 65% | 2 of 12 |
| Online and mobile banking (business) | Great Britain | 61% | 14 of 17 |
| Overall service quality (business) | Great Britain | 63% | 7 of 17 |
| Relationship and account management (business) | Great Britain | 60% | 9= of 17 |
| SME overdraft and loan services (business) | Great Britain | 65% | 3 of 10 |
Market signals, ownership and group accounts
Short positions: 1.14% of Metro Bank Holdings plc's shares were held in disclosed net short positions at 7 October 2026, per the FCA's aggregated disclosures.
Only positions of 0.5% or more per holder are disclosed, so this is a floor. Above 2% to 3% is unusual for a UK bank; it is a view on the listed group's shares, not on deposit safety, which the FSCS covers regardless.Takeover:Metro Bank plc entered an offer period on 4 November 2021 (bidder: Funds affiliated with the Carlyle Group); it lapsed on 18 November 2021.
From the Takeover Panel's daily Disclosure Table of live offer periods (2019 onwards), via the RNS archive.Shareholding changes disclosed under the FCA's major-holdings rules in the last two years (listed group's shares):
| Date | Holder | From | To |
|---|---|---|---|
| 7 Sep 2026 | Spaldy Investments Limited | 43.78% | 53.03% ▲ |
| 11 Aug 2026 | Wellington Management Group LLP | below 3% | 5.36% ▲ |
| 21 May 2025 | Conifer Management, L.L.C | 5.15% | 5.00% ▼ |
| 16 May 2025 | Spruce House Investment Management | below 3% | 10.10% ▲ |
| Fiscal year | Profit before tax | Net income | Total assets | Equity | Dividends paid |
|---|---|---|---|---|---|
| Dec 2025 | £87m | £52m | £16.5bn | £1.5bn | — |
| Dec 2024 | -£212m | £43m | £17.6bn | £1.2bn | — |
Latest News
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Is Metro Bank safe? What the record shows
The agency ratings above are opinions. What follows is the verifiable record behind them: each statement is taken from the source named beneath it, last checked 15 October 2026. It is information, not advice.
Banking licence
Metro Bank PLC (FCA firm reference 488982) has been authorised to accept deposits since March 2010, when it became the first new full-service high-street bank in the UK for over a century. It appears on the PRA's list of UK-incorporated banks, and is the licence holder for the Metro Bank and RateSetter brands.
Source: Bank of England list of PRA-regulated banks, 1 April 2026, 1 Apr 2026Ownership and funding
Metro Bank PLC is wholly owned by Metro Bank Holdings PLC, a holding company listed on the London Stock Exchange (ticker MTRO) that was placed above the bank in May 2023. Spaldy Investments Limited, whose sole shareholder is the Colombian banker Jaime Gilinski Bacal, held 52.98% of the shares at 25 March 2026 and is the controlling shareholder.
Source: Metro Bank Holdings PLC notice of 2026 AGM, 25 Mar 2026In October 2023 Metro Bank raised £325 million of new capital (£150 million of equity at 30p a share, of which Spaldy contributed £102 million, plus £175 million of new 12% senior non-preferred notes) and refinanced £600 million of debt, with Tier 2 bondholders taking losses. The package completed on 30 November 2023 and took Spaldy's stake from 9.2% to about 53%. In March 2025 the bank issued its first £250 million of Additional Tier 1 capital at 13.875%.
Source: Metro Bank capital package announcement, 8 October 2023, 8 Oct 2023Size
At 30 June 2026 Metro Bank had £13.2 billion of customer deposits, £9.1 billion of customer loans and total assets of £17.0 billion, with 78 stores. Deposits were £13.4 billion at 31 December 2025 and £14.5 billion a year earlier. The last published customer count was 3.0 million customer accounts (March 2024).
Source: Metro Bank Holdings PLC interim report, half year to 30 June 2026, 30 Jun 2026Profitability
Metro Bank made a statutory profit before tax of £87.2 million in 2025 (underlying £98.1 million, the highest in its history), after a statutory loss of £212.1 million in 2024 (underlying loss £14.0 million) and a statutory profit of £30.5 million in 2023 that came mainly from a one-off gain on the capital restructuring (underlying loss £16.9 million). For the half year to 30 June 2026 it reported a statutory profit before tax of £60.7 million.
Source: Metro Bank full-year results 2025 and H1 2026 trading update, 30 Jun 2026Capital strength
At 30 June 2026 Metro Bank's Common Equity Tier 1 (CET1) ratio was 12.3% (31 December 2025: 12.5%), its total capital ratio 17.9%, its total capital plus MREL ratio 25.3% against a requirement of 13.7% including buffers, and its leverage ratio 7.4%. Its liquidity coverage ratio was 270%. From 1 January 2026 the bank was reclassified as a transfer firm under the MREL regime, which cut its loss-absorbing-debt requirement to the level of its minimum capital requirement.
Source: Metro Bank Holdings PLC H1 2026 trading update, 30 Jun 2026Regulatory record since 2020
On 12 November 2024 the FCA fined Metro Bank £16,675,200 (£23.8 million before a 30% settlement discount) because a data error in its automated transaction-monitoring system meant over 60 million transactions worth more than £51 billion went unmonitored for financial crime between June 2016 and December 2020.
Source: FCA press release, 12 Nov 2024On 8 December 2022 the FCA fined Metro Bank £10,002,300 for publishing an incorrect risk-weighted-assets figure in its October 2018 trading update, which it corrected in January 2019 (the correction was followed by a 39% fall in the share price). The PRA had fined the bank £5,376,000 on 21 December 2021 over the same regulatory-reporting failure between May 2016 and January 2019.
Source: FCA press release, 12 Dec 2022Credit ratings
Fitch is the only agency shown on Metro Bank's investor pages. It rates both Metro Bank PLC and Metro Bank Holdings PLC BB long-term with a positive outlook, having upgraded them from BB- in August 2026 and from B+ to BB- in August 2025. BB is below investment grade. No Moody's or S&P rating was found.
Source: Metro Bank credit rating page, 15 Oct 2026Deposit protection
Eligible deposits with Metro Bank PLC are protected by the FSCS up to £120,000 per depositor. RateSetter is a trading name of Metro Bank PLC, so money held with Metro Bank and RateSetter is added together under one limit. Joint accounts are covered up to £120,000 per holder.
Source: Metro Bank FSCS information sheet (December 2025), 19 Dec 2025Operational incidents
In October 2023 reports that the bank needed to raise capital triggered a share-price fall of nearly 30% in a week and, in the bank's words, an increase in deposit outflow rates ahead of the capital package announced on 8 October 2023. The bank said daily flows returned to normal after the announcement; deposits ended 2023 lower and it ran a deposit campaign in response.
Source: Metro Bank third-quarter 2023 trading update, 7 Nov 2023On 7 October 2025 a delay to inbound and outbound payments left some customers seeing inaccurate balances for part of the morning; the bank said the delay was short and balances were corrected as the payments were processed.
Source: LBC report on Metro Bank payment delays, 7 Oct 2025Frequently asked questions about Metro Bank PLC
Is Metro Bank PLC safe?
Metro Bank PLC currently holds a blended long-term credit rating of BB, which is below investment grade and indicates a capacity to meet its commitments that is currently in place but vulnerable to adverse business or economic conditions. A credit rating is an independent opinion on an institution's ability to meet its financial obligations; it is not a guarantee and can change. Separately, Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. This page is information about published credit ratings, not financial advice.
What is Metro Bank PLC's credit rating?
Metro Bank PLC has a blended long-term credit rating of BB, with a positive outlook. This blends the most recent long-term issuer ratings from Fitch, mapped onto a common scale so ratings expressed in different agencies' notation can be compared directly.
Is Metro Bank PLC covered by the FSCS?
Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. Metro Bank PLC is recorded with FCA reference 488982. Because protection follows the banking licence rather than the brand, check the current position and which brands share a licence on the FSCS website before relying on it.
Who owns Metro Bank PLC?
Metro Bank PLC is owned by Metro Bank PLC (public). Ownership matters for credit ratings because agencies often factor in the likelihood of support from a parent group, and because brands under the same banking licence share a single FSCS limit.
What does a BB credit rating mean?
BB sits in the "Lower Medium" band, indicating a capacity to meet its commitments that is currently in place but vulnerable to adverse business or economic conditions. Ratings of BBB- (or Baa3 on Moody's scale) and above are considered investment grade; anything below that is regarded as speculative, sometimes called "high yield". Ratings are reviewed periodically and can be upgraded or downgraded.
What is Metro Bank PLC's Fitch rating?
Fitch rates Metro Bank PLC BB (long-term) with a positive outlook, as read from the bank's own published disclosures and last confirmed on 15 August 2026.
When did Metro Bank PLC's credit rating last change?
Metro Bank PLC's blended rating has stood at BB since 15 August 2026, the most recent change in our records. Ratings are re-checked automatically and this page updates when an agency revises its assessment.
Is Metro Bank a real bank?
Metro Bank PLC (FCA firm reference 488982) has been authorised to accept deposits since March 2010, when it became the first new full-service high-street bank in the UK for over a century. It appears on the PRA's list of UK-incorporated banks, and is the licence holder for the Metro Bank and RateSetter brands.
Is Metro Bank profitable?
Metro Bank made a statutory profit before tax of £87.2 million in 2025 (underlying £98.1 million, the highest in its history), after a statutory loss of £212.1 million in 2024 (underlying loss £14.0 million) and a statutory profit of £30.5 million in 2023 that came mainly from a one-off gain on the capital restructuring (underlying loss £16.9 million). For the half year to 30 June 2026 it reported a statutory profit before tax of £60.7 million.
Has Metro Bank been fined by the FCA?
On 12 November 2024 the FCA fined Metro Bank £16,675,200 (£23.8 million before a 30% settlement discount) because a data error in its automated transaction-monitoring system meant over 60 million transactions worth more than £51 billion went unmonitored for financial crime between June 2016 and December 2020. On 8 December 2022 the FCA fined Metro Bank £10,002,300 for publishing an incorrect risk-weighted-assets figure in its October 2018 trading update, which it corrected in January 2019 (the correction was followed by a 39% fall in the share price). The PRA had fined the bank £5,376,000 on 21 December 2021 over the same regulatory-reporting failure between May 2016 and January 2019.
Who owns Metro Bank?
Metro Bank PLC is wholly owned by Metro Bank Holdings PLC, a holding company listed on the London Stock Exchange (ticker MTRO) that was placed above the bank in May 2023. Spaldy Investments Limited, whose sole shareholder is the Colombian banker Jaime Gilinski Bacal, held 52.98% of the shares at 25 March 2026 and is the controlling shareholder.