OneSavings Bank (OSB)

Sector:

Financials

Index:

FTSE 250

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388.00p
   
  • Change Today:
      2.00p
  • 52 Week High: 449.60
  • 52 Week Low: 330.00
  • Currency: UK Pounds
  • Shares Issued: 245.16m
  • Volume: 366,666
  • Market Cap: £951.20m
  • RiskGrade: 113
  • Beta: 0.02

OneSavings and Charter Court post Q1 loan book growth ahead of merger

By Michele Maatouk

Date: Wednesday 15 May 2019

LONDON (ShareCast) - (Sharecast News) - OneSavings Bank and Charter Court Financial Services both posted growth in their loan books for the first quarter on Wednesday ahead of their planned merger.
In an update for the period from 1 January to date, OneSavings said its "strong" financial and operational performance has continued in the first quarter, with loan book growth of 5% for the three months to 31 March 2019.

Net loans and advances grew by £448m during the quarter to £9.4bn and organic originations came in at £799m versus £689m in the first quarter of 2018.

Chief executive officer Andy Golding said he was "delighted" with the performance achieved so far this year.

"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)."

Meanwhile, Charter Court Financial Services reported a jump in its first-quarter loan book despite a "challenging" backdrop.

The loan book rose 17.9% year-on-year to £65bn at 31 March, or 28.1% to £7.1bn excluding the impact of structured asset sales in the quarter.

The specialist challenger bank said it saw record first-quarter new loan originations of £710m, up from £668m in Q1 2018, with strong performances across its core buy-to-let, residential and short-term mortgage segments.

Chief executive officer Ian Lonergan said: "I am pleased to report another strong quarter as we continued to deliver on our robust mortgage pipeline to generate record first quarter originations while maintaining high asset quality and strong credit performance. Despite a challenging macroeconomic and market backdrop, the group completed the sale of its residual interest in two securitisations in January for a pre-tax gain of £30m, equivalent to a 5.3% premium on the underlying £564m of mortgage assets.

"Our performance in the first quarter continues to reflect the resilience of our lending operations and demonstrates our ability to structure and execute complex transactions, even in difficult market conditions."

OneSavings agreed back in March to buy Charter Court. Under the terms of the agreement, Charter Court shareholders will received 0.8253 new OneSavings shares for each of their shares.





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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

OneSavings Bank Market Data

Currency UK Pounds
Share Price 388.00p
Change Today 2.00p
% Change 0.52 %
52 Week High 449.60
52 Week Low 330.00
Volume 366,666
Shares Issued 245.16m
Market Cap £951.20m
Beta 0.02
RiskGrade 113

OneSavings Bank Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
33.00% above the market average33.00% above the market average33.00% above the market average33.00% above the market average33.00% above the market average
0.69% below the sector average0.69% below the sector average0.69% below the sector average0.69% below the sector average0.69% below the sector average
Price Trend
22.68% above the market average22.68% above the market average22.68% above the market average22.68% above the market average22.68% above the market average
28.57% above the sector average28.57% above the sector average28.57% above the sector average28.57% above the sector average28.57% above the sector average
Income
67.93% above the market average67.93% above the market average67.93% above the market average67.93% above the market average67.93% above the market average
46.99% above the sector average46.99% above the sector average46.99% above the sector average46.99% above the sector average46.99% above the sector average
Growth
48.50% above the market average48.50% above the market average48.50% above the market average48.50% above the market average48.50% above the market average
20.97% above the sector average20.97% above the sector average20.97% above the sector average20.97% above the sector average20.97% above the sector average

What The Brokers Say

Strong Buy 10
Buy 1
Neutral 1
Sell 0
Strong Sell 0
Total 12
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

OneSavings Bank Dividends

  Latest Previous
  Final Interim
Ex-Div 21-Mar-19 11-Oct-18
Paid 15-May-19 02-Nov-18
Amount 10.30p 4.30p

Trades for 17-Jun-2019

Time Volume / Share Price
16:35 351 @ 388.00p
16:35 123,598 @ 388.00p
16:29 231 @ 388.60p
16:29 224 @ 388.40p
16:29 372 @ 388.20p

OneSavings Bank Key Personnel

CEO Andy Golding
CFO April Talintyre

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