4th Nov 2015 07:59
LONDON (Alliance News) - Specialist lender OneSavings Bank PLC on Wednesday said it remains on track to hit its full-year targets following solid loan growth in the first nine months of the year and continued margin progression in the second half.
The FTSE 250-listed group, which offers residential, buy-to-let and commercial mortgages, along with secured loans and development finance, said net loans and advances for the nine months to the end of September rose GBP986.0 million year-on-year to GBP4.9 billion, driven by strong organic origination volumes.
OneSavings said it continues to expect its full-year growth in loans will be slightly ahead of the 29% growth it delivered in 2014.
Margins on the GBP548.0 million of new organic loan originations in the third quarter remained strong, and the group continues to expect its full-year net interest margin will be slightly ahead of the 305 basis point improvement it made in the first half.
OneSavings added its cost-to-income ratio remains very strong and said its full-year ratio, in line with previous expectations, will be slightly higher than the 26% it reported in the first half.
"I am very pleased with our 2015 performance to date. We received record levels of new business applications during the third quarter and remain confident in delivering on all of our stated financial objectives through to the end of 2016," said Andy Golding, OneSavings Bank's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
OneSavings Bank