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OneSavings Bank confirms it is ready for Brexit scenarios

OneSavings Bank confirms it is ready for Brexit scenarios

Thu 8 Nov 2018 07:32 by ukcitymedia.co.uk about : trading updates - 0 Comments - 466 words


OneSavings Bank plc ('OSB'), the specialist lending and retail savings group, today issues its trading update for the period from the 1st July 2018 to date. 

Highlights

  • Strong financial and operational performance has continued in the third quarter.  
     
  • Loan book growth of 16% for the nine months to 30 September 2018 with net loans and advances growing by £1,175m to £8.5bn during the period (30 September 2017: £997m and £6.9bn, respectively). 
     
  • Organic originations of £730m in the three months to 30 September 2018 (Q3 2017: £677m). 
     
  • Our InterBay Commercial and bridging businesses continue to perform well and our newly-launched InterBay Asset Finance business funded its first deals in October 2018. 
     
  • We expect net loan book growth of c.20% for the full year in 2018. Other full year guidance remains unchanged with NIM of c.3% and cost to income ratio of c.30%.

 

 

Andy Golding, CEO of OneSavings Bank, said:

"I am delighted with the continued strong performance of the Bank. We delivered 16% net loan growth in the first nine months of the year and entered the fourth quarter with a strong pipeline, enabling us to increase our full year guidance for net loan book growth to c.20%.

Our lending and retail savings franchises continue to perform very well. Current levels of applications in our core Buy-to-Let and commercial businesses remain strong and we are building a robust pipeline for Q1 2019.

We recognise the current uncertain macroeconomic outlook. However, our strong balance sheet with sensible LTVs and affordability testing, our strong capital position and robust stress tests, which include a number of Brexit scenarios, give us confidence in our business going forward."



These articles are usually news summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.


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