OneSavings Bank (OSB)

Sector:

Financials

Index:

FTSE 250

375.20p
   
  • Change Today:
      43.60p
  • 52 Week High: 447.40p
  • 52 Week Low: 313.60p
  • Currency: UK Pounds
  • Shares Issued: 245.28m
  • Volume: 1,494,015
  • Market Cap: £920.28m
  • RiskGrade: 246

Charter Court interim profits stumble; shareholders approve OneSavings merger

By Duncan Ferris

Date: Wednesday 21 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Charter Court Financial Services reported a drop in interim profits on Wednesday but strong loan book growth as it prepares to merge with rival OneSavings Bank following the receipt of shareholder approval.
The financial services provider achieved profit before tax of £82.6m for the six months ended 30 June, down 11% compared to the same period last year, as administrative expenses increased by 28% to £39.7m and interest expenses rose by 34% to £57.8m.

Net interest margin dropped from 3.08% to 3.04%, while the Common Equity Tier 1 ratio dropped from 16.6% to 15.6%, which the business still regarded as "strong".

Charter Court's loan book grew by 24% to £7.0bn while interest income grew by 24% to £157.9m due to continued expansion of the mortgage origination business.

The company declared an interim dividend of 4.3p a share, up from 2.8p a year earlier.

Despite the heightened uncertainty in the wider economy, Charter Court said it continues to see robust demand for its specialist lending propositions and remains confident in the resilience of its business model.

Chief executive Ian Lonergan said: "We continued to leverage our specialist lending platform to once again deliver against all our targets in the first half of 2019. Steady loan book growth continued to be driven by strong originations of £1.5bn across our lending portfolio. This positive result was achieved whilst maintaining a disciplined approach to underwriting, reflected in the high quality of our mortgage book."

Lonergan added that shareholders have now approved the recommended all-share combination with OneSavings Bank, though the merger remains subject to the satisfaction or waiver of other conditions including approvals from relevant UK regulatory authorities.

Charter Court Financial Services shares were down 2.23% at 285.00p at 0850 BST.

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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 375.20p
Change Today 43.60p
% Change 13.15 %
52 Week High 447.40p
52 Week Low 313.60p
Volume 1,494,015
Shares Issued 245.28m
Market Cap £920.28m
RiskGrade 246

OneSavings Bank Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
48.81% above the market average48.81% above the market average48.81% above the market average48.81% above the market average48.81% above the market average
21.68% above the sector average21.68% above the sector average21.68% above the sector average21.68% above the sector average21.68% above the sector average
Price Trend
3.36% below the market average3.36% below the market average3.36% below the market average3.36% below the market average3.36% below the market average
8.72% above the sector average8.72% above the sector average8.72% above the sector average8.72% above the sector average8.72% above the sector average
Income
74.36% above the market average74.36% above the market average74.36% above the market average74.36% above the market average74.36% above the market average
52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average
Growth
51.88% above the market average51.88% above the market average51.88% above the market average51.88% above the market average51.88% above the market average
15.45% above the sector average15.45% above the sector average15.45% above the sector average15.45% above the sector average15.45% above the sector average

What The Brokers Say

Strong Buy 9
Buy 1
Neutral 1
Sell 0
Strong Sell 0
Total 11
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
  Interim Final
Ex-Div 29-Aug-19 21-Mar-19
Paid 20-Sep-19 15-May-19
Amount 4.90p 10.30p

Trades for 11-Oct-2019

Time Volume / Share Price
16:35 264,751 @ 375.20p
16:29 11 @ 375.20p
16:29 500 @ 375.20p
16:29 300 @ 376.40p
16:29 614 @ 376.40p

OneSavings Bank Key Personnel

CEO Andy Golding
CFO April Talintyre

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