ONESAVINGS BANK PLC Onesavings Bank Plc : Trading Statement

 
TIDMOSB 
 
 
   LEI: 213800WTQKOQI8ELD692 
 
   OneSavings Bank plc: Trading update 
 
   OneSavings Bank plc 
 
   Trading update 
 
 
 
   OneSavings Bank plc ('OSB'), the specialist lending and retail savings 
group, today issues its trading update for the period from the 1(st) 
January 2019 to date. 
 
   Highlights 
 
 
   -- Strong financial and operational performance has continued in the first 
      quarter. 
 
   -- Loan book growth of 5% for the three months to 31 March 2019 with net 
      loans and advances growing by GBP448m to GBP9.4bn during the quarter (31 
      March 2018: GBP368m and GBP7.7bn, respectively). 
 
   -- Organic originations of GBP799m in the first three months of 2019 (Q1 
      2018: GBP689m). 
 
   -- Asset pricing remains stable, however as previously guided we continue to 
      see marginal NIM dilution, as the higher yielding back book runs off and 
      front end pricing becomes more dominant in the overall make up of our net 
      interest margin. 
 
 
 
 
 
 
   Andy Golding, CEO of OneSavings Bank, said: 
 
   "I am delighted with the performance that OneSavings Bank has achieved 
so far this year. The loan book growth to GBP9.4bn for the first quarter 
of the year was supported by GBP0.8bn of organic originations. 
 
   Our lending and retail savings franchises remain strong and we have seen 
a good start to the year, with lending exceeding expectations. I am 
particularly pleased by the strong growth in our commercial and 
residential propositions.  However it is still early in the year, and 
given the continued uncertainty surrounding Brexit, there is no change 
in our outlook for 2019. 
 
   We continue to believe strongly in the rationale for creating a leading 
specialist lender in the UK through the proposed recommended combination 
with Charter Court Financial Services Group plc (CCFS)." 
 
   OSB notes that it expects to publish its Prospectus and Circular in 
connection with the all-share combination with CCFS later today, 
following final approval from the Financial Conduct Authority. 
 
   Enquiries: 
 
   OneSavings Bank plc 
 
   Alastair Pate t: 01634 838 973 
 
   Brunswick Group 
 
   Robin Wrench / Simone Selzer t: 020 7404 5959 
 
   About OneSavings Bank plc 
 
   OneSavings Bank plc began trading as a bank on 1 February 2011 and was 
admitted to the main market of the London Stock Exchange in June 2014 
(OSB.L). OSB joined the FTSE 250 index in June 2015. OSB is a specialist 
lending and retail savings group authorised by the Prudential Regulation 
Authority, part of the Bank of England, and regulated by the Financial 
Conduct Authority and Prudential Regulation Authority. 
 
   OSB primarily targets market sub-sectors that offer high growth 
potential and attractive risk-adjusted returns in which it can take a 
leading position and where it has established expertise, platforms and 
capabilities. These include private rented sector Buy-to-Let, commercial 
and semi-commercial mortgages, residential development finance, bespoke 
and specialist residential lending, secured funding lines and asset 
finance. OSB originates organically through specialist brokers and 
independent financial advisers. It is differentiated through its use of 
high skilled, bespoke underwriting and efficient operating model. 
 
   OSB is predominantly funded by retail savings originated through the 
long-established Kent Reliance name, which includes online and postal 
channels, as well as a network of branches in the South East of England. 
Diversification of funding is currently provided by access to a 
securitisation programme and the Term Funding Scheme. 
 
   Important disclaimer 
 
   This document should be read in conjunction with the documents 
distributed by OneSavings Bank plc ('OSB') through the Regulatory News 
Service ('RNS'). This document is not audited and contains certain 
forward-looking statements, beliefs or opinions, including statements 
with respect to the business, strategy and plans of OSB and its current 
goals and expectations relating to its future financial condition, 
performance and results. Such forward-looking statements include, 
without limitation, those preceded by, followed by or that include the 
words 'targets', 'believes', 'estimates', 'expects', 'aims', 'intends', 
'will', 'may', 'anticipates', 'projects', 'plans', 'forecasts', 
'outlook', 'likely', 'guidance', 'trends', 'future', 'would', 'could', 
'should' or similar expressions or negatives thereof. Statements that 
are not historical facts, including statements about OSB's, its 
directors' and/or management's beliefs and expectations, are 
forward-looking statements. By their nature, forward-looking statements 
involve risk and uncertainty because they relate to events and depend 
upon circumstances that may or may not occur in the future. Factors that 
could cause actual business, strategy, plans and/or results (including 
but not limited to the payment of dividends) to differ materially from 
the plans, objectives, expectations, estimates and intentions expressed 
in such forward-looking statements made by OSB or on its behalf include, 
but are not limited to: general economic and business conditions in the 
UK and internationally; market related trends and developments; 
fluctuations in exchange rates, stock markets, inflation, deflation, 
interest rates and currencies; policies of the Bank of England, the 
European Central Bank and other G8 central banks; the ability to access 
sufficient sources of capital, liquidity and funding when required; 
changes to OSB's credit ratings; the ability to derive cost savings; 
changing demographic developments, and changing customer behaviour, 
including consumer spending, saving and borrowing habits; changes in 
customer preferences; changes to borrower or counterparty credit 
quality; instability in the global financial markets, including Eurozone 
instability, the potential for countries to exit the European Union (the 
"EU") or the Eurozone, and the impact of any sovereign credit rating 
downgrade or other sovereign financial issues; technological changes and 
risks to cyber security; natural and other disasters, adverse weather 
and similar contingencies outside OSB's control; inadequate or failed 
internal or external processes, people and systems; terrorist acts and 
other acts of war or hostility and responses to those acts; geopolitical, 
pandemic or other such events; changes in laws, regulations, taxation, 
accounting standards or practices, including as a result of an exit by 
the UK from the EU; regulatory capital or liquidity requirements and 
similar contingencies outside OSB's control; the policies and actions of 
governmental or regulatory authorities in the UK, the EU or elsewhere 
including the implementation and interpretation of key legislation and 
regulation; the ability to attract and retain senior management and 
other employees; the extent of any future impairment charges or 
write-downs caused by, but not limited to, depressed asset valuations, 
market disruptions and illiquid markets; market relating trends and 
developments; exposure to regulatory scrutiny, legal proceedings, 
regulatory investigations or complaints; changes in competition and 
pricing environments; the inability to hedge certain risks economically; 
the adequacy of loss reserves; the actions of competitors, including 
non-bank financial services and lending companies; and the success of 
OSB in managing the risks of the foregoing. 
 
   Accordingly, no reliance may be placed on any forward-looking statement 
and no representation, warranty or assurance is made that any of these 
statements or forecasts will come to pass or that any forecast results 
will be achieved.  Any forward-looking statements made in this document 
speak only as of the date they are made and it should not be assumed 
that they have been revised or updated in the light of new information 
of future events. Except as required by the Prudential Regulation 
Authority, the Financial Conduct Authority, the London Stock Exchange 
PLC or applicable law, OSB expressly disclaims any obligation or 
undertaking to release publicly any updates or revisions to any 
forward-looking statements contained in this document to reflect any 
change in OSB's expectations with regard thereto or any change in events, 
conditions or circumstances on which any such statement is based. For 
additional information on possible risks to OSB's business, please see 
Risk review section in the OSB 2018 Annual Report and Accounts. Copies 
of this are available at www.osb.co.uk and on request from OSB. 
 
   Nothing in this document and any subsequent discussion constitutes or 
forms part of a public offer under any applicable law or an offer to 
purchase or sell any securities or financial instruments. Nor does it 
constitute advice or a recommendation with respect to such securities or 
financial instruments, or any invitation or inducement to engage in 
investment activity under section 21 of the Financial Services and 
Markets Act 2000. Past performance cannot be relied on as a guide to 
future performance. Nothing in this document is intended to be, or 
should be construed as, a quantified financial benefits statement for 
the purposes of Rule 28 of the City Code on Takeovers and Mergers or a 
profit forecast or estimate for any period. 
 
   Liability arising from anything in this document shall be governed by 
English law, and neither the Company nor any of its affiliates, advisors 
or representatives shall have any liability whatsoever (in negligence or 
otherwise) for any loss howsoever arising from any use of this document 
or its contents or otherwise arising in connection with this document. 
Nothing in this document shall exclude any liability under applicable 
laws that cannot be excluded in accordance with such laws. 
 
   Certain figures contained in this document, including financial 
information, may have been subject to rounding adjustments and foreign 
exchange conversions. Accordingly, in certain instances, the sum or

percentage change of the numbers contained in this document may not 
conform exactly to the total figure given. 
 
   This announcement is distributed by West Corporation on behalf of West 
Corporation clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: OneSavings Bank plc via Globenewswire 
 
 
  http://www.osb.co.uk/

(END) Dow Jones Newswires

May 15, 2019 02:00 ET (06:00 GMT)

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