ONESAVINGS BANK PLC Onesavings Bank Plc : Trading Statement

 
TIDMOSB 
 
 
   LEI: 213800WTQKOQI8ELD692 
 
   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 2017 to date. 
 
   Highlights 
 
 
   -- Strong financial and operational performance has continued in the third 
      quarter. 
 
   -- Loan book growth of 17% for the nine months to 30 September 2017 with net 
      loans and advances growing by GBP997m to GBP6.9bn during the period (30 
      September 2016: GBP466m and GBP5.6bn, respectively). 
 
   -- A record quarter for organic originations of GBP677m in the three months 
      to 30 September 2017 (Q3 2016: GBP510m). 
 
   -- To date the Group has drawn a total of GBP1bn under the Term Funding 
      Scheme and drawings under the Funding for Lending Scheme have been 
      reduced to GBP92m. 
 
   -- Business growth continues to be supported by a strong capital position. 
 
   -- We expect net loan book growth of c. 20% for the full year in 2017, 
      whilst keeping NIM for the full year broadly flat to 2016 and the cost to 
      income ratio broadly flat to the first half. 
 
 
   Andy Golding, CEO of OneSavings Bank, said: 
 
   "OSB has yet again delivered exceptional performance in the third 
quarter of 2017 with strong loan book growth and record levels of 
organic originations at attractive margins. 
 
   We have reinforced our position as a leading specialist lender in our 
target markets and I am pleased to report that following the new PRA 
underwriting rules that came into effect on 1 October 2017, application 
levels remain strong. 
 
   I am delighted with OSB's performance as we continue to focus on 
professional landlords and increase our market share. We now expect loan 
book growth of c.20% for the full year." 
 
   Enquiries: 
 
   OneSavings Bank plc 
 
   Alastair Pate t: 01634 838 973 
 
   Brunswick Group 
 
   Robin Wrench / Simone Selzer t: 020 7404 5959 
 
   Financial calendar for 2018 
 
 
 
 
15 March 2018    2017 year end results 
9 May 2018       Q1 Trading update 
10 May 2018      AGM 
23 August 2018   2018 half year results 
8 November 2018  Q3 Trading update 
 
 
   About OneSavings Bank plc 
 
   OneSavings Bank plc 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 access to a 
securitisation programme; and the Funding for Lending Scheme and Term 
Funding Scheme, which OSB joined in 2014 and 2016, respectively. 
 
   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: OneSavings Bank plc via Globenewswire 
 
 
  http://www.osb.co.uk/ 
 

(END) Dow Jones Newswires

November 08, 2017 02:00 ET (07:00 GMT)

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