OneSavings Bank plc has announced its interim results for the six months ended 30 June 2014.
Underlying profit before taxation increased fourfold to £29.7m.
Meanwhile, loans and advances grew by 13% in the first half of 2014 to £3.4bn due primarily to a significant increase in new lending in the buy-to-let/SME segment.
Total assets grew by 12%, in line with the increase in loans and advances, to £4.2bn (FY 2013: £3.8bn)
Mike Fairey, chairman of OneSavings Bank, said: “OneSavings Bank has made a strong start in its life as a listed company. The successful completion of the IPO in June this year is a great tribute to the hard work of the executive management team and staff across the business over the last three and a half years in creating a unique retail funded specialist lending business.
“I am delighted to have joined as chairman to support OneSavings Bank’s future development and growth as a publicly listed company.”
Andy Golding, CEO of OneSavings Bank, said: “These results show the strength and opportunity in the business we have created. Our return on equity of 30% is a number of which we are particularly proud and this has been delivered at a time when we have also delivered a significant growth in lending.
“Underpinned by our strong retail funding base, the profitable lending growth, significantly improved efficiency and continued low level of impairments have all combined to drive a significant uplift in our earnings and returns. We have demonstrated our ability to deliver on the commitments we have made to our new shareholders and thank our staff for all their support during what has been a very busy period.”
