OneSavings Bank grows net lending by 16%

Ryan Bembridge

March 16, 2017

OneSavings Bank – parent of Kent Reliance, InterBay Commercial and Prestige Finance – upped net lending by 16% to £5.9bn in 2016.

The Chatham-based lender saw underlying profit rise by 29% to £137m in the process.

The bank’s overall profit rose by 55% to £163.1m after it sold a group of mortgage loans to Morgan Stanley in May for a net pre-tax gain of £34.7m.

Andy Golding, chief executive of OneSavings Bank, said: “This was another period of strong loan book growth through our specialist lending brands.

“We continued to demonstrate strong organic capital generation capability through profitability and further increased our capital ratio following the sale of our economic interest in the Rochester Financing No.1 plc securitisation.”

He added: “Following this strong performance in 2016, we entered 2017 with a strong pipeline of new business and are seeing very strong application levels in our core businesses.

“We expect to deliver net loan book growth in the mid-teens in 2017, whilst keeping NIM and cost to income ratio broadly flat.

“OneSavings Bank is well placed to take advantage of opportunities in our core businesses in 2017 and we remain confident in our ability to generate attractive returns for our shareholders.”

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