OneSavings Bank returned to profit in 2012, recovering from a £13.3m pre-tax loss in 2011 to post pre-tax profits of £6.7m.
The mutual bank’s annual results for 2012 show the Kent Reliance brand had a record year in 2012 as it grew new mortgage lending 104 per cent, from £147m in 2011 to £300m.
OneSavings Bank chief executive Andy Golding says: “It is our intention to become a large-scale niche mortgage lender through taking advantage of our capability, the current market opportunities and our enviable access to capital and funding to deliver that growth. In addition and as part of our drive to deliver customer value, we have listened to our members and customers and have benefited them by doing away with introductory accounts in favour of long-term value for money rates.
“It has been a strong year for the Group with significant growth, change and building a team for the future. We now have firm bedrock on which to continue to build and I remain very excited about the opportunities ahead of us and the opportunity to create a real challenger to the homogeneous big banks.”
The group’s acquisitions of Interbay Group, in June and Prestige Finance Limited, in September, are cited as a major driver of growth and profitability.