Metro bank reported an underlying loss before tax of £271.8m for 2020, taking an estimated £124m hit from the impact of the Covid-19 pandemic. High street lender Metro Bank announced widening losses this morning, as provisions to cover loan losses due to the Covid pandemic eroded profits.

The dog-friendly bank said its underlying pretax loss was £271.8m in the year to 31 December compared to a £11.7m loss a year earlier. It estimated £124m hit from the coronavirus pandemic.

Metro bank reported an underlying loss before tax of £271.8m for 2020, taking an estimated £124m hit from the impact of the Covid-19 pandemic.

It is the second year in a row that the UK bank has reported a loss; in 2019, it reported an £11.7m hit. The loss was due to expected credit loss expense and income challenges, the bank said in its results, released on 24 February.