OneSavings Bank sees 16% loan growth

OneSavings Bank sees 16% loan growth

OneSavings Bank has reported a 16 per cent growth of its loan book for the nine months leading to 30 September, with net loans and advances growing by £1.18bn to £8.5bn during the period.

The bank stated in its Q3 results out this morning (8 November) that originations had reached £730m in the third quarter, up 8 per cent on the £677m of this time last year. 

The company now expects net loan book growth of 20 per cent for the full year of 2018.

It said its broker arm InterBay Commercial and its bridging businesses had also performed well while its newly-launched lending business InterBay Asset Finance business had funded its first deals in October 2018.

Andy Golding, chief executive of OneSavings Bank, said: "I am delighted with the continued strong performance of the bank.

"We delivered 16 per cent 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 20 per cent.

"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."

He added: "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."

OneSavings Bank is a specialist lending and retail savings group that began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014. The bank joined the FTSE 250 index in June 2015.