Mortgage News
One Savings Bank predicts significant loan book growth
OneSavings Bank has predicted it will see “at least mid-teens” growth in its loan book this year.
The firm has confirmed that its loan book grew by 5% in the first three months of the year, to a total of £7.7bn.
In a trading update issued to the stock market today the lender announced that organic originations in the quarter – at “attractive margins” – totalled £689m, up from £599m in the first quarter of last year.
OneSavings Bank also revealed that at the close of the Term Funding Scheme in Feburary, the group had a total drawing of £1.5bn.
It said that its business growth is being supported by “a strong capital position”.
Andy Golding, chief executive officer of OneSavings Bank, said: “Our lending and retail savings franchises remain strong, and given current levels of applications in our core buy-to-let and commercial businesses, we are confident that we can deliver at least mid-teens net loan book growth this year. There is no change to other guidance for 2018.”
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The firm’s share price is up to 417.40p at the time of writing, from 409p at open.