OneSavings Bank grows loan book as chairman resigns

Ryan Bembridge

November 2, 2016

OneSavings Bank, owner of Kent Reliance, InterBay Commercial and Prestige Finance has announced strong results after it emerged that its non-executive chairman Mike Fairey has resigned.

Its loan book swelled by 13% (£466m) to £5.6bn during the first nine months of the year, though that excluded the sale of Rochester Financing which disposed of about £220m worth of mortgages.

Yesterday it was reported that Fairey will step down at the bank’s 2017 annual general meeting.

OneSavings Bank ups profit and lending in H1

The bank said it will search internally and externally for a successor to Fairey, who joined the bank in April 2014.

Andy Golding, chief executive of OneSavings Bank, who was commenting on the results, said: “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.”

On 31 October, the bank completed the purchase of a small £60m residential mortgage portfolio.

The bank has drawn £626m under the Funding for Lending Scheme to date, while it intends to begin drawing from the new Term Funding Scheme in the fourth quarter.

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