REG-OneSavings Bank plc : Trading Statement <Origin Href="QuoteRef">OSBO.L</Origin>

OsbAnnouncement

08/11/2017 07:05

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  LEI: 213800WTQKOQI8ELD692

OneSavings Bank plc

Trading update

           

OneSavings Bank plc ('OSB'), the specialist lending and retail savings group,
today issues its trading update for the period from the 1(st) July 2017 to
date. 

Highlights
* Strong financial and operational performance has continued in the third
quarter.  
 
 
* Loan book growth of 17% for the nine months to 30 September 2017 with net
loans and advances growing by £997m to £6.9bn during the period (30
September 2016: £466m and £5.6bn, respectively). 
 
 
* A record quarter for organic originations of £677m in the three months to
30 September 2017 (Q3 2016: £510m). 
 
 
* To date the Group has drawn a total of £1bn under the Term Funding Scheme
and drawings under the Funding for Lending Scheme have been reduced to £92m. 
 
 
* Business growth continues to be supported by a strong capital position. 
 
 
* We expect net loan book growth of c. 20% for the full year in 2017, whilst
keeping NIM for the full year broadly flat to 2016 and the cost to income
ratio broadly flat to the first half.
Andy Golding, CEO of OneSavings Bank, said:

"OSB has yet again delivered exceptional performance in the third quarter of
2017 with strong loan book growth and record levels of organic originations at
attractive margins.

We have reinforced our position as a leading specialist lender in our target
markets and I am pleased to report that following the new PRA underwriting
rules that came into effect on 1 October 2017, application levels remain
strong.

I am delighted with OSB's performance as we continue to focus on professional
landlords and increase our market share. We now expect loan book growth of
c.20% for the full year."

Enquiries:

OneSavings Bank plc

Alastair Pate t: 01634 838 973

Brunswick Group

Robin Wrench / Simone Selzer t: 020 7404 5959

Financial calendar for 2018

 15 March 2018    2017 year end results   
 9 May 2018       Q1 Trading update       
 10 May 2018      AGM                     
 23 August 2018   2018 half year results  
 8 November 2018  Q3 Trading update       

About OneSavings Bank plc

OneSavings Bank plc began trading as a bank on 1 February 2011 and was
admitted to the main market of the London Stock Exchange in June 2014 (OSB.L).
OSB joined the FTSE 250 index in June 2015. OSB is a specialist lending and
retail savings group authorised by the Prudential Regulation Authority, part
of the Bank of England, and regulated by the Financial Conduct Authority and
Prudential Regulation Authority.

OSB primarily targets underserved market sub-sectors that offer high growth
potential and attractive risk-adjusted returns in which it can take a leading
position and where it has established expertise, platforms and
capabilities. These include private rented sector Buy-to-Let, commercial and
semi-commercial mortgages, residential development finance, bespoke and
specialist residential lending and secured funding lines. OSB originates
organically through specialist brokers and independent financial advisers. 
It is differentiated through its use of high skilled, bespoke underwriting and
efficient operating model.

OSB is predominantly funded by retail savings originated through the long
established Kent Reliance name, which includes online and postal channels, as
well as a network of branches in the South East of England. Diversification of
funding is currently provided by access to a securitisation programme; and the
Funding for Lending Scheme and Term Funding Scheme, which OSB joined in 2014
and 2016, respectively.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of
Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: OneSavings Bank plc via Globenewswire