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OneSavings sees profits leap 17%, raises loan book growth targets

By BFN News | 08:38 AM | Thursday 23 August, 2018

Specialist lender OneSavings Bank reported a 17% year-on-year increase in pre-tax profit to £91.8m and raised its net loan book growth targets to the high-teens. The rise came on the back of growth already achieved this year and considering the firm's current pipeline and application levels for the third quarter. OneSavings saw its net loan book grow 11% to £8.1bn in the six months to 30 June. "Whilst regulatory and tax changes in the Buy-to-Let market have dampened industry-wide demand for new purchase mortgages, this has been partially offset by an increase in demand for remortgages. We focus on the professional Buy-to-Let market where trends remain positive. Demand for five year fixed rate products has risen noticeably across the market with competition continuing to increase, however we continue to see good opportunities for growth and our InterBay Commercial business continues to flourish," said Group CEO Andy Golding. The company continued to expect that its cost-to-income ratio would be c.30% for the full year, as previously guided, with all other guidance for the full year also unchanged. At 8:38am: (LON:OSB) Onesavings Bank share price was -9p at 434.2p Story provided by

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