OneSavings Bank upped its underlying profit before tax by 52% to £105.9m in 2015.
OneSavings Bank upped its underlying profit before tax by 52% to £105.9m in 2015.
The bank increased its loans and advances by 31% to £5.1bn in 2015 after upping its originations by £1.8bn and purchasing a second charge mortgage portfolio for £260m.
OneSavings Bank offers residential, buy-to-let and commercial mortgages, along with secured loans and development finance.
Andy Golding, its chief executive, said: “We have continued to grow the loan book through our specialist lending brands and improved both our net interest margin and cost to income ratio.
“This growth has been achieved whilst strengthening our capital ratio, demonstrating strong organic capital generation capability through profitability, and at the same time improving our excellent levels of customer service.”
InterBay, the bank’s commercial buy-to-let mortgage division, unveiled a commercial product range for prime investors last week.
And Golding added: “I am particularly pleased that we have successfully innovated in the commercial side of our buy-to-let/SME segment through our InterBay brand, as well as increasing the range and volume of funding lines and growing heritable development finance.
“Looking forward we remain cognisant of the political and regulatory headwinds in buy-to-let and in 2016 we have amended our lending criteria to cement our focus on the professional landlords that we believe will continue to develop their buy-to-let portfolios.
“This is in line with our expectation that the private rented sector will continue to be a vital component of the UK housing market. We have entered 2016 with our strongest ever pipeline, and application and completion volumes are showing sustained growth. We look forward with confidence.”
