August 21, 2019 / 6:19 AM / a month ago

Strong lending drives OneSavings profit ahead of merger

Aug 21 (Reuters) - Lender OneSavings, which is merging with rival Charter Court Financial, reported a higher first-half underlying profit, thanks to a strong loan book, though net interest margin shrank further amid pricing pressure.

Net interest margin, a key measure of profitability, contracted to 278 basis points (bps) from 301 bps for the six months ended June 30, while underlying pretax profit rose 6% to 96.9 million pounds, OneSavings said.

“Considering the current strong pipeline and application levels in the third quarter to date, we now expect to deliver high-teens net loan book growth in 2019 at attractive margins,” Chief Executive Officer Andy Golding said.

Reporting by Muvija M in Bengaluru

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