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Annual Results

One Saving Bank lifts underlying FY pretax profit

16 March 2017 07:23

One Savings Bank said its underlying pretax profit rose 29% to £137.0m, with its total dividend for the period at 10.5p a share.

CEO Andy Golding said the bank had delivered a strong performance, again either meeting or exceeding its financial objectives set at the IPO.

Net loans and advances rose 16% to £5.9bn, and its net-interest margin rose to 314 basis points, from 309 bps.

"This was another period of strong loan book growth through our specialist lending brands, demonstrating the strength of our organic lending franchise with a 28% increase in new originations in 2016, whilst also improving our net interest margin," said Golding.

One Savings Bank, he said, had continued to demonstrate strong organic capital generation capability through profitability and further increased its capital ratio following the sale of its economic interest in the Rochester Financing No.1 plc securitisation.

"I am particularly pleased that we delivered another strong return on equity despite the impact of the Bank Corporation Tax Surcharge and higher capital levels," said Golding.

One Savings Bank had begun 2017 with a strong pipeline of new business and was seeing very strong application levels in its core businesses.

"We expect to deliver net loan book growth in the mid-teens in 2017, whilst keeping NIM and cost to income ratio broadly flat," said the CEO.

Story provided by StockMarketWire.com

Related Company: OSB

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