5th Nov 2014 10:03
LONDON (Alliance News) - OneSavings Bank PLC Wednesday said it sees "attractive" opportunities for growth across the areas in which it lends.
In a statement, OneSavings Bank, which offers residential, buy-to-let and commercial mortgages, secured loans and development finance, funded through retail savings, said its "encouraging" financial performance during the first half of the year continued through to the third quarter.
OneSavings Bank's first-half pretax profit rose to GBP24.8 million from GBP8.0 million, according to the lender's interim results published on August 27.
The lender reported growth in new savings and lending volumes during the quarter, with organic origination volumes of GBP400 million taking gross lending for the nine months to September 30 to GBP1.1 billion.
Net interest margin remains strong and in line with the first half, the bank said, adding that its cost/income ratio was "comfortably" within its targets despite investment in people and infrastructure.
"I am very pleased with our 2014 performance to date, with strong high-return organic origination driving a significant improvement in year-on-year profitability. Demand in our chosen markets remains high and we continue to see opportunities for growth," Chief Executive Andy Golding said in a statement.
OneSavings Bank listed on the London Stock Exchange in June.
The bank was formed in 2011 following the recapitalisation of the Kent Reliance Building Society by US private equity firm J.C. Flowers & Co LLC.
OneSavings shares were up 0.1% at 215.15 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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