StockMarketWire.com - OneSavings Bank, the lending and retail sales bank based in Chatham, UK, has announced profits for the six months to 30 June 2021 climbed to £252.8 million, a 62% spike compared to the same period last year.

On a statutory basis, profit before tax increased to £221.9 mullion, compared to £99.3 million the year before.

Underlying net interest income climbed to £299 million, up from £266.8m in the first half of 2020.

Both underlying and statutory net interest margins improved to 268bps and 236bps respectively in the first half of 2021.

This was due to a lower cost of retail funds, as well as lower liquidity levels, according to the group.

The group also reported an underlying return on equity of 24%, compared to 18% in 2020.


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