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OneSavings boosts lending by 138%

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  • 16/08/2013
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OneSavings boosts lending by 138%
OneSavings Bank looks set to beat last year’s figures after advancing over £230m in gross new lending over the first half of 2013.

The bank, which lends under the brands Kent Reliance, InterBay Commercial, Prestige Finance and Reliance Property Loans, has already advanced 138% more than in the same period last year and more than two-thirds of the total £300m it lent over the whole of 2012.

However, the lender was unable to clarify how many of the loans were mortgages, as compared to other secured loans.

The lender reported a pre-tax profit of £10.4m in the first half of 2013, against £6.7m the previous year.

OneSavings Bank chief executive Andy Golding 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.”

OneSavings’ net mortgage balance increased by 43% in the first half of 2013 compared to the same period in the previous year, including a 79% jump in buy-to-let mortgages on the books.

In July, the bank acquired 70,000 more borrowers after acquiring performing unsecured loans from UK Asset Resolution.

Its business plan includes increasing lending alongside acquiring other loan portfolios.

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