StockMarketWire.com - OneSavings Bank said it grew its loan book by 5% in its first quarter, though its margins had weakened.

Net loans and advances in the three months through March had grown to £9.4bn.

Organic originations of £799m compared to £689m on-year.

'Asset pricing remains stable, however as previously guided we continue to see marginal net interest margin dilution,' the company said.

The dilution came as a higher-yielding back book runs off and front-end pricing became more dominant.

'I am delighted with the performance that OneSavings Bank has achieved so far this year,' chief executive Andy Golding said.

'The loan book growth to £9.4bn for the first quarter of the year was supported by £0.8bn of organic originations.'

'Our lending and retail savings franchises remain strong and we have seen a good start to the year, with lending exceeding expectations.'

'I am particularly pleased by the strong growth in our commercial and residential propositions.'

'However it is still early in the year, and given the continued uncertainty surrounding Brexit, there is no change in our outlook for 2019.'




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