OneSavings Bank plc half year results for 2013

By Bridging Loan Directory -

 

Strong start for the Bank with expectation to continue

Andy Golding16 August 2013: OneSavings Bank plc (“OSB”) announced its interim Group results for the six months ending 30 June 2013. The results identify a post-tax profit of £12.4m, compared to a post-tax loss of £1.8m for the prior interim period[1].

Following a period of stabilisation in 2012, the turnaround of OSB continued during the first half of 2013 much faster than originally expected. Lending has increased by 138.2% and savings balances have grown by £862.9m, as compared to the equivalent period last year, and 8,937 new customers have done business with the Group since the start of 2013.

OSB has continued to improve its lending proposition and now all three UK lending brands, Kent Reliance, InterBay Commercial and Prestige Finance, are growing and increasing their market share.

Andy Golding, Chief Executive, commented:

“The profit for the period, which exceeds the 2012 full year result, is particularly pleasing given the increasing intensity of competition in the mortgage lending market.  We have continued to improve our lending proposition and increase our market share across all brand offerings and remain committed to offering long-term, value for money products to our savers.

“The second half of 2013 will see us continue to focus on growth as well as product and service development to enhance our customer proposition. To that end we are now embarking on a significant change project to improve our technology to deliver faster and more efficient mortgage processing and enhance our online savings functionality.

“The trajectory for the Group is positive: continuing performance improvement, growth and development. As a ‘challenger bank’ we continue to expand our customer base in our chosen markets, serving savers, mortgage borrowers and UK SMEs with our specialised products.”

[1] The prior interim period refers to the period 1 January 2012 to 30 June 2012.