OneSavings Bank (OSB) has announced that it achieved loan book growth of 15% in the nine months to 30th September 2019.
Charter Court Financial Services (CCFS) achieved loan book growth of 4% in the same period.
The recommended all share combination between OSB and Charter Court Financial Services Group PLC (CCFS) was completed on 4th October 2019.
Other highlights from the trading update included:
- OSB recorded £842m of new originations in the three months to 30th September 2019 (Q3 2018: £730m) and £2.5bn for the nine months to 30th September (Q1 to Q3 2018: £2.2bn)
- CCFS managed to achieve new originations of £865m in the three months to 30th September 2019 (Q3 2018: £708m) and £2.4bn for the nine months to 30th September (Q1 to Q3 2018: £2.1bn)
- OSB is expecting net interest margin (NIM) to be broadly flat for the full year compared with the first half
- CCFS revealed that residual interests in three securitisations sold for a pre-tax gain of £58.6m in the nine months to 30th September 2019 — this resulted in the derecognition of around £1.3bn of underlying mortgage assets and associated risk-weighted assets
“I am delighted that we successfully completed our combination with CCFS Group on 4th October and we are now in the early stages of integrating the two businesses,” said Andy Golding, CEO at OSB (pictured above).
“We remain focused on delivering shareholder value as we execute on the strategy for the enlarged group.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Metro Bank reduces BTL fixed rates
Metro Bank has announced it is cutting its fixed buy-to-let (BTL) interest rates by 0.2% for borrowers up to 70% LTV...
Metro Bank CEO to step down
Metro Bank has announced that Craig Donaldson (pictured above) — the bank’s CEO since 2009 — will step down at the end of the year...
Zopa Group announces £140m fundraise
Zopa has announced that it has raised £140m by signing its largest funding round to date...
PCF Bank targets £750m lending portfolio by September 2022
PCF Bank has revealed that it is aiming to achieve a £750m lending portfolio by September 2022...
Bank Leumi UK appoints Stephen Welch as senior relationship manager
Bank Leumi UK has announced the appointment of Stephen Welch (pictured above) to the hotel finance team as the new senior relationship manager...
Cambridge & Counties appoints relationship manager
Cambridge & Counties Bank has named Andrew Arnold as a relationship manager in its Cardiff-based property finance team...
Aldermore expands regional specialist finance team
Aldermore has strengthened its regional specialist finance presence with the appointments of Justin Nel (pictured above), as regional sales manager for the South East, and Jordan Bond, as regional sales manager for the South West...
An interview with Anand Subbaraman: Big tech companies edging into financial services will ‘take a chunk’ of the banking industry
In an interview with Specialist Banking, Anand Subbaraman, general manager of digital and retail banking products at Finastra (pictured above), discusses regulators’ attitude to cloud banking, and the prospect of challenger banks holding monopolistic power in the sector...
Recognise Financial Services makes two senior hires to executive team
Recognise Financial Services has appointed David Jenkins, as chief financial officer (pictured above), and Patrick Ferguson, as chief risk officer, to its executive team...
TSB sets out new growth strategy and puts focus on customers and competitiveness
TSB has unveiled a new growth strategy as it aims to focus on better serving customers and improving competitiveness...
nCino aims to partner with an additional ‘dozen’ European banks by end of January
nCino has revealed plans to partner with around a “dozen” European banks by the end of January as it puts a “concentrated focus” on larger banking markets in the continent...