Onesavings Bank (LON: OSB) has reported a 14% fall in pre-tax profits for the six months to the end of June.
Compared to £182.2m profits for the first half of 2019, the challenger bank’s profits were hit amid the pandemic.
The group’s underlying net loan book grew by 2% to £18.5bn in the period.
Application volumes for products since the housing market reopened are currently approaching 60% of pre-lockdown levels on tighter lending criteria and higher pricing. Onesavings expects to deliver double-digit underlying net loan book growth for the full year.
Andy Golding, Onesavings Bank’s chief executive commented: “I am extremely proud of the way that OSB has performed during the COVID-19 pandemic. Our business model and systems have proved to be very resilient and our colleagues have all demonstrated dedication and flexibility, as they worked hard responding to the needs of our savers and borrowers.”
“It remains too early to say what the full impact of COVID-19 will be on the UK economy, nevertheless we will continue to be there for our customers, supporting them in the best way that we can. The foundations of our business remain extremely strong, with a very strong capital position and a prudent business model, all of which position us well to respond to the challenges and opportunities ahead and to continue to support our colleagues, customers and communities and deliver value to our shareholders over the long-term,” he added.