OneSavings Bank has reported a £100m profit before tax during the first half of this year, up 115 per cent on the £46.6m made during the same period last year, including an exceptional gain of £34.7m on the sale of Rochester.
The bank sold Rochester – portfolios of mortgages for sale to investors who want exposure to the UK market – removing a total of £239.8m of securitised mortgage assets and cash reserves from the securitisation vehicle, and, as a liability, the senior most notes of £171.6m from the group’s balance sheet.
Underlying profit before tax increased 36 per cent to £64.6m, from £47.6m during the first six months of last year.
In terms of the group’s lending, within buy-to-let there was a 24 per cent increase in the volume of new organic lending to £800m from £644m, including strong growth through the Kent Reliance and InterBay brands.
