Lender reveals 60% profit surge

OneSavings Bank has announced underlying profit before tax increased 60% to £47.6m in the first half of 2015.

The specialist lending and retail savings group also revealed that loans and advances grew by 17% to £4.6bn which was driven by organic origination and the purchase of a £260m second charge loan portfolio in March.

Andy Golding, CEO of OneSavings Bank plc, said he was delighted the bank had delivered a strong set of results and was pleased with how the bank has done since its IPO in 2014.

“We have continued to grow the loan book through our specialist lending brands, supported by accretive portfolio acquisitions, whilst improving both our net interest margin and cost to income ratio, demonstrating the strength of our cost efficient operating model,” said Andy.

“Despite recent political and regulatory announcements, and some increasing competition in certain lending niches, the market remains supportive of our core businesses.

“We continue to see strengthening levels of new business applications and good opportunities for growth at attractive returns."