ONESAVINGS BANK PLC One Savings Bank Plc : Trading Update

 
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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