OneSavings Bank, a UK-based specialist lending and retail savings group, has posted an underlying pre-tax profit of £47.6m for the first half of 2015, a surge of 60% compared to £29.7m a year earlier.
Loans and advances in the first half increased 17% to £4.6bn, driven by gross organic origination of £778m and the acquisition of a second charge mortgage portfolio for £260m in March.
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The bank’s cost: income ratio for the first half dipped to 26% from 29% a year ago, due to continued focus on cost control and strong income growth.
Underlying return on equity for the period increased to 31% from 30% in the first half of 2014.
Group CEO Andy Golding said: "I am delighted that OneSavings Bank has delivered another strong set of results in the first half of 2015. A year after our successful IPO in 2014, we continue to deliver on all of our financial objectives and I am particularly proud that we joined the FTSE 250 in June this year.
"We have continued to grow the loan book through our specialist lending brands, supported by accretive portfolio acquisitions, whilst improving both our net interest margin and cost to income ratio, demonstrating the strength of our cost efficient operating model. This growth has been delivered whilst maintaining a capital ratio comfortably above our financial objective, and improving customer service levels, driving a net promoter score of over 50%."
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