Onesavings Bank breaks forecasts and increases profits by 21%

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Onesavings Bank breaks forecasts and increases profits by 21%

By Oliver Wade

16/03/2018

Onesavings Bank announced a 21 per cent full-year pre-tax profit yesterday achieving £167.7m, beating its 2017 forecast of £162.8m and crushing its 2016 profit of £138.2m.

The Bank has credited its growth and strong performance to its ability to control costs, whilst also privileging larger, professional landlords.

However, despite its profit increase for 2017, the bank has warned that 2018 could prove more troublesome due to rising regulatory costs, increased competition and the rising costs of funds.

In 2017 it experienced a year-on-year net loan growth of 23 per cent and a buy-to-let growth of 39 per cent.

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