OneSavings Bank plc has reported that net loans & advances grew by £455m during the first quarter of 2015.

This was aided by by the acquisition of a £251m portfolio of UK based second charge mortgages, leading to expected loan growth for the year in line with 2014 levels.

The Group has drawn £344m under the Funding for Lending Scheme (FLS) to date. It are targeting a total drawdown of around £400m in 2015.

The OneSavings Bank group includes Kent Reliance, Prestige Finance and Interbay Commercial.

Andy Golding, CEO of OneSavings Bank, said: “I am very pleased with the performance of the business so far this year. We have seen an encouraging increase in new business opportunities at attractive margins and our capital position remains solid.

“Whilst we have seen increased competition in certain niche areas, the housing market remains supportive of buy-to-let mortgages. Despite the uncertain political backdrop, we continue to see strengthening levels of new business enquiries in our main markets and are not currently experiencing pressure on margins.

“We continue to see attractive opportunities for organic growth and will balance opportunities to maximise risk adjusted shareholder returns.”