OneSavings Bank PLC Trading Statement (0262W)
09 November 2017 - 8:43AM
UK Regulatory
TIDMOSB
RNS Number : 0262W
OneSavings Bank PLC
09 November 2017
LEI: 213800WTQKOQI8ELD692
OneSavings Bank plc: Trading update
Published: 08.11.2017 07:00:00 GMT
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 has been issued through the Companies
Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ISEDMMGMNLMGNZG
(END) Dow Jones Newswires
November 09, 2017 02:43 ET (07:43 GMT)
Osb (LSE:OSB)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Osb (LSE:OSB)
Historical Stock Chart
Von Jul 2023 bis Jul 2024