ONESAVINGS BANK PLC Onesavings Bank Plc : Trading Statement
08 November 2017 - 8:00AM
UK Regulatory
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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