ONESAVINGS BANK PLC One Savings Bank Plc : Trading Update
November 02 2016 - 2:00AM
UK Regulatory
TIDMOSB
OneSavings Bank plc: Trading update
Published: 02.11.2016 07:00:00 GMT
OneSavings Bank plc
Trading update
OneSavings Bank plc ('OSB'), the specialist lending and retail savings
group, today issues its trading update for the period from the 1(st)
July 2016 to date.
Highlights
-- Strong financial and operational performance has continued in line with
management expectations.
-- Underlying loan book growth of 13% for the nine months to September 2016,
excluding the impact of the Rochester disposal of c. GBP220m of
mortgages. Net loans & advances grew by GBP466m to GBP5.6bn during the
period.
-- Margins on GBP510m of organic origination in the third quarter remained
strong. Net interest margin to the end of the third quarter continued to
be in line with our expectations.
-- OSB completed the purchase of a first charge residential mortgage
portfolio of c. GBP60m on October 31 2016, at a discount to par. The
mortgages are predominantly owner occupied and well diversified across
the UK.
-- The Group has drawn GBP626m under the Funding for Lending Scheme (FLS) to
date and intends to commence drawing from the new Term Funding Scheme
(TFS) during the fourth quarter. This complements our long-term retail
savings franchise.
-- Business growth continues to be supported by a strong capital position.
Andy Golding, CEO of OneSavings Bank, said:
"I am extremely pleased with the performance of the business this year.
Application levels for the second half to date are significantly in
excess of the first half and our pipeline of new business is at a record
level. This means we remain confident of achieving our net loan book
growth target for this year and double-digit growth into 2017."
Enquiries:
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Brunswick Group
Robin Wrench / Simone Selzer t: 020 7404 5959
About OneSavings Bank plc
OneSavings Bank plc ('OSB') began trading as a bank on 1 February 2011
and was admitted to the main market of the London Stock Exchange in June
2014 (OSB.L). OSB joined the FTSE 250 index in June 2015.
OSB is a specialist lending and retail savings group authorised by the
Prudential Regulation Authority, part of the Bank of England, and
regulated by the Financial Conduct Authority and Prudential Regulation
Authority.
OSB primarily targets underserved market sub-sectors that offer high
growth potential and attractive risk-adjusted returns in which it can
take a leading position and where it has established expertise,
platforms and capabilities. These include private rented sector
Buy-to-Let, commercial and semi-commercial mortgages, residential
development finance, bespoke and specialist residential lending and
secured funding lines. OSB originates organically through specialist
brokers and independent financial advisers. It is differentiated
through its use of high skilled, bespoke underwriting and efficient
operating model.
OSB is predominantly funded by retail savings originated through the
long established Kent Reliance name, which includes online and postal
channels, as well as a network of branches in the South East of England.
Diversification of funding is currently provided by participation in the
Funding for Lending Scheme and access to a securitisation programme.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: ONE Savings Bank PLC via Globenewswire
http://www.osb.co.uk/
(END) Dow Jones Newswires
November 02, 2016 03:00 ET (07:00 GMT)
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