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1SBA - OneSavings Bank News Story

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Position in Universe th / 1816

UK's OneSavings Bank reports steady lending, deposits despite virus

Wed 6th May, 2020 8:23am
(Adds detail)
    LONDON, May 6 (Reuters) - OneSavings Bank  OSBO.L  said on
Wednesday net loans and advances and retail deposits held steady
in the first quarter, but it was too early to say what
longer-term impact the coronavirus outbreak would have on its
business.
   The UK lender posted statutory retail deposits of 16.3
billion pounds ($20.27 billion) as of March 31 while net loans
and advances held firm at 18.4 billion pounds.
    "We started the year with a strong pipeline of new business
and continue to lend to new and existing customers, prudently
and with a reduced suite of products," CEO Andy Golding said. 
    "We have enhanced our underwriting to accept desktop
valuations due to the inability to perform physical valuations
at present."
    OneSavings said it saw an increased level of enquiries
relating to both mortgage and savings products as soon as the
crisis began but noted that mortgage call volumes had now
reduced to normal levels.
    It said it has applied to access capital provided by the
Bank of England's Term Funding Scheme and anticipates an initial
borrowing allowance of around 1.7 billion pounds.
    Some members of the group's executive committee have
volunteered to forgo their 2020 cash bonuses, with half of the
money to be conserved in the business and the remaining half to
be donated to charity.
    ($1 = 0.8040 pounds)

 (Reporting by Sinead Cruise; editing by Pamela Barbaglia and
Jason Neely)
 ((sinead.cruise@thomsonreuters.com; 020 7542 5154; Reuters
Messaging: sinead.cruise.thomsonreuters.com@reuters.net))

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