"External headwinds, internal challenges and actions we took to put the business on a more positive trajectory are reflected in the results."
Metro said the financial performance reflected a "challenging year", which led to a statutory loss after tax of £182.6 and an underlying pretax loss of £11.7m.
In February 2019, the FCA and PRA began an investigation into the miscalculation of its commercial loans. Metro Bank had to reclassify £900m of Risk Weighted Assets and proposed an emergency £350m equity placing to boost capital levels.
Shares in the bank fell sharply following the announcement, reducing the Bank's value by a peak of £3.5bn.
The Bank has since undertaken a strategic review, leading to a write-down of intangible assets worth £68m, transformation costs of £11m, and remediation costs of £27m relating to ongoing regulatory investigations.
Despite the challenges faced by Metro Bank in 2019, total net loans rose from £14.2bn in December 2018 to £14.7bn at the end of 2019.
Retail mortgages remained the largest component of the lending book at 71% of gross lending, up from 67% in 2018.
Dan Frumkin, CEO of Metro Bank, said: “Our financial performance reflects a very challenging year for Metro Bank. External headwinds, internal challenges and actions we took to put the business on a more positive trajectory are reflected in the results.
"Despite this, Metro Bank’s market-leading service proposition continued to deliver growth in customer accounts, and our balance sheet ended the year in a materially stronger position. We’ve fully evaluated our strategy, and have a clear plan which will return the bank to sustainable growth built around a community banking model.
"An enhanced focus on costs, improved productivity, and investment in our infrastructure will enable our deposit-led franchise to deliver profitable growth over the medium term. Thanks to the steadfast commitment of colleagues across the bank, I am confident we will successfully execute against these priorities to become the UK’s best community bank.”
