OneSaving's Bank reveals £20m annual profit increase

OneSavings Bank plc (OSB) has announced that it made nearly £20 million of profit in 2012, assisted by the acquisitions of the Interbay Group and Prestige Finance Limited which helped to aid growth and profitability.

OSB made a profit of £19.1 million for the year ending 31st December 2012. The results identify a post-tax profit of £8 million, compared to a post-tax loss of £11.1 million for the prior period.

The biggest growth was with the Kent Reliance brand which had a record year in 2012, with over £300 million of new mortgage loans, up from £147 million in 2011, an increase of more than 100 per cent.

This growth was funded by an increase of £663 million in retail savings balances from over 20,000 new savings customers who came to Kent Reliance in the year.

Andy Golding, Chief Executive, commented: “It is our intention to become a large-scale niche mortgage lender through taking advantage of our capability, the current market opportunities and our enviable access to capital and funding to deliver that growth. In addition, and as part of our drive to deliver customer value, we have listened to our members and customers and have benefited them by doing away with introductory accounts in favour of long term value for money rates.

“It has been a strong year for the Group with significant growth, change and building a team for the future. We now have firm bedrock on which to continue to build and I remain very excited about the opportunities ahead of us and the opportunity to create a real challenger to the homogeneous big banks.”

The highlights for the year were:
•    A post-tax profit of £8 million (post-tax loss of £11.1 million for the prior period);
•    Organic lending of £304 million under the Kent Reliance brand; and
•    Total assets of £3 billion, up 28 per cent during the year as a result of new organic origination and mortgage book and company acquisitions.

InterBay Group, Prestige Finance, Kent Reliance, krbs.com, Reliance Property Loans, Jersey Home Loans, Guernsey Home Loans and Swingcastle Limited are all trading names of OneSavings Bank.