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OneSavings Bank, which runs Kent Reliance, reports impressive financial quarter performance

By Chris Britcher

The financial company behind savings firm Kent Reliance says it is expecting another strong performing year, after issuing its latest trading update.

OneSavings Bank, headquartered in Chatham, provided an update for the period from July 1, showing strong financial and operational performance has continued in the quarter.

It says loan book growth of 16% for the nine months to September 30 puts it on track to having grown around 20% during the full year.

OneSavings Bank's headquarters in Chatham Maritime
OneSavings Bank's headquarters in Chatham Maritime

Net loans and advances grew by £1bn to £8.5bn during the period, compared to £997m and £6.9bn in September 2017.

Andy Golding, CEO of OneSavings Bank, said: "We delivered 16% net loan growth in the first nine months of the year and entered the fourth quarter with a strong pipeline, enabling us to increase our full year guidance for net loan book growth to circa 20%.

"Our lending and retail savings franchises continue to perform very well. Current levels of applications in our core buy-to-let and commercial businesses remain strong and we are building a robust pipeline for Q1 2019.

OneSavings Bank chief executive Andy Golding
OneSavings Bank chief executive Andy Golding

"We recognise the current uncertain macroeconomic outlook. However, our strong balance sheet, our strong capital position and robust stress tests, which include a number of Brexit scenarios, give us confidence in our business going forward."

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