OneSavings Bank Annual Results 2014
17 Mar 2015

OneSavings Bank announces profit more than doubled during 2014 with increased new lending, number of savers and customer satisfaction

Today, OneSavings Bank has announced its full year results for 2014.

The year ended 2014 has been a very successful one for OneSavings Bank. Having laid the foundations for the future with a well received listing on the main market of the London Stock Exchange, we have gone on to deliver a strong business performance driven predominantly by £1.5bn in new business lending (2013: £794m).

Each of our mainstream lending brands, Kent Reliance, InterBay Commercial and Prestige Finance, have extended the scope of their lending during 2014, growing both overall market share and also their reputation amongst intermediaries.

For Kent Reliance savers, our strategy of offering good value for the long term with a transparent savings proposition has continued to be well supported by our loyal customer base, with 92% of maturing fixed rate bond and ISA balances in 2014 choosing to stay with Kent Reliance. We have welcomed 27,000 new savings customers to the Group during the year.

This has all supported a doubling of underlying profit to £69.7m (2013: £30m) and has been achieved while maintaining our focus on customers, borne out by a consistently high and increasing consumer Net Promoter Score (NPS) of 38.9% (2013 32.4%). This is also demonstrated by our numerous awards, such as What Mortgage Best Buy-to-Let Lender 2014, and by Kent Reliance being named as the savings account provider with the Best Customer Service in the UK by Which? in 2014.

Andy Golding, CEO of OneSavings Bank, said:

“I am delighted with our performance in what was a monumental year for OneSavings Bank. The markets continue to react very positively to the group and our results announcement has added to that positive reaction.

I am also particularly pleased that as we grow, we continually improve customer satisfaction, something that is extremely important to me as well as recognised by investors for the value it creates.”

Results summary

  • Underlying profit before taxation1 more than doubled to £69.7m (2013: £30.0m)
  • Loans and advances grew by 29% in 2014 to £3.9bn (2013: £3.0bn), with total assets now at £4.9bn, driven predominantly by £1.5bn in new business origination (2013: £794m)
  • Strong income growth and continued focus on cost control drove significant reduction in cost:income ratio2 to 28% (2013: 38%)
  • Declaration of a maiden final dividend3 of 3.9 pence per share in respect of 2014 and in line with our target dividend policy
  • Fully-loaded Common Equity Tier 1 (CET1) capital ratio4 strengthened to 11.4% (2013: 8.4%)

1 Before exceptional IPO expenses of £7.4m in 2014 and after deduction of coupons on equity Perpetual Subordinated Bonds (PSB’s) of £1.5m in each period
2 Administrative expenses including depreciation and amortisation as a percentage of total income after deducting coupons on equity PSB’s
3 To be paid on 5 June 2015, subject to approval at the Annual General Meeting on 2 June 2015, with a record date of 15 May 2015
4 Under Basel III CRDIV with 31 December 2013 estimated

Further details and the full Preliminary announcement can be found at

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