OneSavings Bank reports “strong performance”

OneSavings Bank (OSB) has reported loan book growth of 16% for the nine months to 30 September 2018.

Net loans and advances rose by £1.175 billion to £8.5 billion during the period.

Meanwhile, organic originations totalled £730m in the three months to 30 September 2018. This compares to £677m for the same period in 2017.

The group said that InterBay Commercial and bridging businesses continue to perform well and the its newly-launched InterBay Asset Finance business funded its first deals in October 2018.

OSB expects net loan book growth of around 20% for the full year in 2018.

Andy Golding, CEO of OneSavings Bank, said: “I am delighted with the continued strong performance of the bank. We delivered 16% net loan growth in the first nine months of the year and entered the fourth quarter with a strong pipeline, enabling us to increase our full year guidance for net loan book growth to c.20%.

“Our lending and retail savings franchises continue to perform very well. Current levels of applications in our core buy-to-Let and commercial businesses remain strong and we are building a robust pipeline for Q1 2019.

“We recognise the current uncertain macroeconomic outlook. However, our strong balance sheet with sensible LTVs and affordability testing, our strong capital position and robust stress tests, which include a number of Brexit scenarios, give us confidence in our business going forward.”

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