OneSavings Bank ups profit and lending in H1

Ryan Bembridge

August 24, 2017

OneSavings Bank has increased its underlying profit by 20% to £78.4m in the first half of 2017 from the corresponding period in 2016.

The bank, which owns Kent Reliance and InterBay Commercial, upped gross loan originations by 26% to £1.23bn over the same period.

Andy Golding, group chief executive, said: “I am delighted that OneSavings Bank has delivered yet another strong set of results for the first half of 2017.

“We continued to successfully navigate significant regulatory and tax change impacting the buy-to-let market in the first half.

“We also generated a 20% growth in underlying profit before tax and a best in class return on equity of 28%, whilst maintaining our strong cost discipline and deep understanding of pricing for risk.”

He added that net loan book growth should end up in the high teens in 2017 based on the pipeline of activity.

He also said buy-to-let will continue to be its target market.

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