OneSavings Bank ups profit and lending

Ryan Bembridge

August 23, 2018

One Savings Bank – the parent of lending brands including Kent Reliance and InterBay Commercial – increased both profit and new lending in the first half of 2018 compared to the first half of 2017.

The bank bolstered pre-tax profit by 17% to £91.8m and upped new gross lending by 17% to £1.44bn.

The lending increase has been driven by strong demand for buy-to-let, commercial and semi-commercial products, the bank’s group chief executive Andy Golding said.

He added: “Whilst regulatory and tax changes in the buy-to-Let market have dampened industry-wide demand for new purchase mortgages, this has been partially offset by an increase in demand for remortgages.

“We focus on the professional buy-to-Let market where trends remain positive.

“Demand for 5-year fixed rate products has risen noticeably across the market with competition continuing to increase, however we continue to see good opportunities for growth and our InterBay Commercial business continues to flourish.

“Given the growth already achieved this year and considering the current pipeline and application levels for the third quarter to date, we now expect to deliver net loan book growth of high-teens in 2018, whilst maintaining an appropriate margin for the risks we are underwriting.”

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