OneSavings Bank plc has reported a post-tax profit of £8 million in 2012, compared to a post-tax loss of £11.1 million for the previous year.
The Kent Reliance brand had a record year in 2012, with over £300 million of new mortgage loans, up from £147 million in 2011, an increase of more than 100%.
This growth was funded by an increase of £663 million in retail savings balances from over 20,000 new savings customers who came to Kent Reliance in the year.
The Group acquisitions – Interbay Group and Prestige Finance – also aided growth and profitability.
Andy Golding, chief executive, said: “It is our intention to become a large-scale niche mortgage lender through taking advantage of our capability, the current market opportunities and our enviable access to capital and funding to deliver that growth.
“In addition and as part of our drive to deliver customer value, we have listened to our members and customers and have benefited them by doing away with introductory accounts in favour of long-term value for money rates.
“It has been a strong year for the Group with significant growth, change and building a team for the future. We now have firm bedrock on which to continue to build and I remain very excited about the opportunities ahead of us and the opportunity to create a real challenger to the homogeneous big banks.”