In the first half of 2024, the bank reported a pretax loss of £33.5m, a stark contrast to the profit of £15.4m recorded in the same period the previous year. This downturn was largely attributed to a decrease in net interest margin, a key indicator of lending profitability, which fell to 1.64 per cent in the first half from 1.85pc in the second half of last year.
Despite these disappointing results, the bank confirmed its projection to return to profitability in the final three months of this year.
Beyond 2024, it anticipates delivering a return on tangible equity, a crucial measure of profitability, in the mid-to-upper single digits in 2025, rising to double digits in 2026 and midteens thereafter.
Bu hikaye Manchester Evening News dergisinin August 01, 2024 sayısından alınmıştır.
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Bu hikaye Manchester Evening News dergisinin August 01, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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