OneSavings Bank posts £12.4m profits
The funding line behind three lending powerhouses has announced a 688 per cent increase on its half-year profits, justifying a strong recovery from losses posted last year
The funding line behind three lending powerhouses has announced a 688 per cent increase on its half-year profits, justifying a strong recovery from losses posted last year.
One Savings Bank plc, the funding line behind InterBay Commercial, Kent Reliance and Prestige Finance, has recorded a £12.4 million net profit - compared to a net loss of £1.8 million on the same figures from this time last year.
One Savings Bank has emerged substantially better from a period of stabilisation last year, with lending increasing by 138.2 per cent and savings balances growing by well over £860 million.
The bank has made an active effort of improving its lending proposition via its three UK lending brands, Kent Reliance – a mortgage and insurance provider; Interbay Commercial – a specialist commercial mortgage lender and; Prestige Finance – a specialist secured loan lender.
Speaking on the results, Andy Golding, Chief Executive of OneSavings Bank plc, said: “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.”
Keywords: OneSavings Bank, InterBay Commercia, Kent Reliance, Prestige Finance, profits, 688% increase, record, lending,
Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/onesavings-bank-posts-163-12-4m-profits