OneSavings Bank plc has reported that net loans and advances grew by £460m during the first quarter of 2016, driven by organic origination and accelerated by acquisitions of first and second charge residential mortgage portfolios totalling £131m.

The Group has drawn £576m under the Funding for Lending Scheme (FLS) to date. It is targeting a minimum drawdown of around £700m in 2016.

Andy Golding, CEO of OneSavings Bank, said: “I am extremely pleased with the performance of the business so far this year. We achieved strong levels of new business in the first quarter with £627m of organic origination at attractive margins, supported by acquisitions of £131m.

“As expected, March was a record month as we fulfilled heightened demand to accelerate mortgage completions ahead of stamp duty changes. Intermediary focus has now returned to new applications and we are confident in achieving our full year growth targets. We remain confident in the outlook for 2016.”