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The Experts in Specialist Lending

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The Experts in Specialist Lending specialist lending specialist Annual Report and Accounts 2017 Accounts and Report Annual in experts The OneSavings Bank plc ANNUAL REPORT AND ACCOUNTS 2017 OneSavings Bank plc Annual Report and Accounts 2017 Highlights Gross new lending Net loan book Who we are +14% +23% OneSavings Bank is 2017: £2.6bn 2017: £7.3bn 2016: £2.3bn 2016: £5.9bn a specialist lender, primarily focused on 2016 2017 2016 2017 carefully selected sub-sectors of the Net interest margin Cost to income ratio mortgage market. Our specialist Stable Stable lending is supported 2017: 316bps 2017: 27% 2016: restated 316bps2 2016: 27%2 by a stable retail 2016 2017 2016 2017 savings franchise with over 150 years of heritage. Profit before tax Underlying profit before tax Full year dividend per share +3% +21% +22% 2017: £167.7m 2017: £167.7m 2017: 12.8p 2016: £163.1m1 2016: restated £138.2m2 2016: 10.5p 2016 2017 2016 2017 Fully-loaded common equity Tier 1 ratio Strengthened 2017: 13.7% 2016: 13.3% Basic EPS Underlying basic EPS +3% +23% Customer satisfaction (NPS) 2017: 51.1p 2017: 51.1p 2016: 49.4p 2016: 41.7p +3 2017: +62 2016 2017 2016 2017 2016: +59 Our investor site gives you direct access to a wide range of information about OSB: www.osb.co.uk For more information and definitions, see Key performance indicators on page 26 1. In 2016, profit before tax included net gain from exceptional items of £24.9m. 2. Prior to 2017, OSB deducted coupons on equity Perpetual Subordinated Bonds (‘PSBs’) accounted for as dividends from underlying profit before and after tax, net interest margin and cost to income ratio. Following a review of market practice in advance of the Bank’s AT1 issue in May 2017, OSB no longer deducts these coupons from the calculation of these key performance indicators. The comparatives have been restated accordingly. Interest payments on AT1 securities classified as dividends are treated in the same way. 01 Strategic report Strategic Strategic report I am delighted to welcome Highlights IFC Who we are 01 you to OneSavings Bank’s Annual At a glance 02 Chief Executive Officer’s statement 04 Report for 2017. Market review 08 Our business model 10 Strategic framework 12 As the new Chairman of the Board, I am delighted to introduce One specialist lender 14 One fair place to save 16 Governance the Annual Report for 2017, which has been an exceptional year One unique operating model 18 of earnings and loan book growth for OneSavings Bank. Operating and financial review 20 Key performance indicators 26 In another year of regulatory and tax changes, our clear Financial review 28 strategy to be a leading specialist lender continues to be Risk review 32 successful. The shift towards professional landlords in the Principal risks and uncertainties 39 private rental sector plays to our strengths and will continue Viability statement 49 Corporate responsibility report 50 to provide a solid foundation for our Buy-to-Let business. Additionally, we believe there to be opportunities in 2018 for the Governance statements Financial Board of Directors (biographies) 60 Bank to grow in additional residential and commercial market Executive team 62 sub-sectors where we have established capabilities. Corporate Governance Report 64 Nomination and Governance Committee There has been significant change in our share register during Report 72 2017 and I welcome new investors. I am pleased with the Audit Committee Report 74 positive reaction of the market and existing investors as the Risk Committee Report 79 principal shareholder reduced its holding from c.50% to c.10% Directors’ Remuneration Report 81 Directors’ Report: Other Information 96 of share capital. Statement of Directors’ responsibilities 98 We continue to generate sustainable returns for investors and Financial statements develop a healthy and strong business for all stakeholders. Independent auditor’s report 99 Statement of Profit or Loss 107 Statement of Other Comprehensive Income 108 Statement of Financial Position 109 Statement of Changes in Equity 110 David Weymouth Statement of Cash Flows 111 Non-Executive Chairman Notes to the Financial Statements 112 Glossary 178 Company information 179 Key reads Chief Executive Officer’s statement Continued strong performance Page 4 Market review Page 8 Our business model Page 10 02 OneSavings Bank plc Annual Report and Accounts 2017 At a glance Our business Buy-to-Let Residential and SME lending mortgage lending 2017 Buy-to-Let/SME 2017 Residential mortgages Net loans and Gross new Average book LTV Net loans and Gross new Average book LTV advances lending at 31 December advances lending at 31 December £5.6bn £2.4bn 69% £1.7bn £0.2bn 56% 2016: £4.1bn 2016: £1.9bn 2016: 69% 2016: £1.9bn 2016: £0.4bn 2016: 58% Buy-to-Let mortgages First charge We provide loans to limited companies and We provide loans to individuals, secured by individuals, secured on residential property a first charge against their residential home. held for investment purposes. Our target Our target market includes high net worth market is experienced and professional and complex income customers. We landlords or high net worth individuals with are also experts in shared ownership, established and extensive property portfolios. lending to first-time buyers and key workers buying a property in conjunction with a housing association. Commercial mortgages We provide loans to limited companies and individuals, secured on commercial and Second charge semi-commercial properties held for We provide loans to individuals seeking to investment purposes or for owner occupation. raise additional funds secured by a second charge against their residential home. We predominantly target good credit Residential development quality borrowers. We provide development loans to small and medium sized developers of residential property. Loans are staged, with monitoring Funding lines surveyors signing off each stage of the We provide funding lines to non-bank lenders development before funds are released. who operate in high yielding, specialist sub- segments such as residential bridge finance. Funding lines We provide funding lines (loans) to non-bank finance companies secured against portfolios of financial assets, principally mortgages and leases. For more information go to the Operating For more information go to the Operating and financial review on page 22 and financial review on page 24 03 Strategic report Strategic Retail savings Our trading brands 2017 balance by channel OneSavings Bank is made up of a family Governance Direct Online Branches of specialist financial services brands. 41% 36% 23% 2016: 37% 2016: 32% 2016: 31% Largest lending business in the Group, offering Buy-to-Let and Experienced team providing Online first charge residential loans. specialist residential We attract retail savings deposits via development finance to small Kent Reliance is also an and medium sized developers the internet. established, stable and award- with a proven track record statements Financial winning savings franchise. (commenced trading in Its strong customer focus January 2014). Direct delivers high levels of customer satisfaction, resulting in strong The direct channel sources savings products customer loyalty and retention. via telephone and post. Long-standing second charge High street branches lender, which offers an award- winning range of specialist Our Kent Reliance branded network operates Specialist semi-commercial secured loans throughout in the South East of England and offers a and commercial mortgage England, Scotland and Wales lender providing Buy-to-Let (acquired in September 2012). variety of fixed, notice, easy access and loans, alongside owner- regular savings products, including ISAs. occupied and investor commercial mortgages throughout England and Wales (acquired in August 2012). Based in Bangalore, India, and a wholly-owned subsidiary of OneSavings Bank, OSBI provides primary processing for our Kent Reliance, Jersey and Guernsey brands. You can find more about us by visiting our website www.osb.co.uk For more information go to One fair place to save on page 16 04 OneSavings Bank plc Annual Report and Accounts 2017 Chief Executive Officer’s statement Continued strong performance Underlying earnings per share I am delighted to report another excellent year for OneSavings Bank (‘OSB’). The Group’s clear strategy and unique business model have proven robust as we successfully navigated significant regulatory and tax changes during the year. 51.1p Underlying basic earnings per share grew by 23% to 51.1 pence with underlying pre-tax profit up by 21% to £167.7m. We finished the year with a strong balance sheet, a high +23% quality secured asset portfolio and an excellent reputation 2016: 41.7p for customer service. Our strategy continues to provide the platform for us to grow and develop our business. The Group grew its loan book by 23% to £7.3bn in 2017, whilst Dividend per share maintaining its strong discipline on understanding and pricing for risk, and delivering a stable net interest margin (‘NIM’) of 12.8p 3.16% for the year. Balance sheet growth was achieved whilst delivering a best in class return on equity of 28% and a low cost to income ratio of 27%. Our Common Equity Tier 1 (‘CET1’) capital ratio increased +22% to 13.7% from 13.3% in 2016, demonstrating the strength of 2016: 10.5p our organic capital generation capability to support significant growth through profitability. I am very pleased that we further optimised our capital structure through the issuance of £60m of Additional Tier 1 securities (‘AT1 securities’) in May 2017. The Board is recommending a final dividend of 9.3 pence per share. Together with the interim dividend of 3.5 pence this gives a total dividend per share for the year of 12.8 pence, in line with our stated dividend policy. 05 Strategic report Strategic Best specialist lender OneSavings Bank continued to grow its loan book through We continue to deliver exceptional its specialist lending brands, with total organic origination performance and reinforce our up by 14% in 2017 to £2.6bn.
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