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.”
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