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OneSavings Bank - Results ahead of expectations

November 2015

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • OSB
  • Price:
  • 366p
The budget changes have not derailed One Savings Bank as previously feared and the shares went to a new high of £4. In fact, interims came in ahead of expectations. Loans and advances grew 17% to £4.6bn thanks to organic growth (£778m) and the purchase of a second charge mortgage portfolio (£260m) last March. Continued focus on cost control reduced the cost to income ratio from 29% to 26% and with impairment losses falling from 0.29% to 0.23% of gross loans pretax profit increased 60% to £47.6m. Return on equity was 31% (H1 ’14: 30%), while the key net interest margin soared from 2.82% to 3.05%.On the funding side, retail deposits grew by almost £1bn to £4.6bn while it drew down &poun ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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