The OneSavingsBank Board recommends a final dividend for 2019 of 11.2 pence per share. Together with the 2019 interim dividend of 4.9 pence per share and the pre-Combination CCFS interim dividend of 4.3 pence per share, this represents 25% of pro forma underlying profit attributable to ordinary shareholders. For calculation of 2019 final dividend, see Appendix.
The proposed final dividend will be paid on 13 May 2020, subject to approval at the AGM on 7 May 2020, with an ex-dividend date of 26 March 2020 and a record date of 27 March 2020.
Other financial highlights include:
- Statutory profit before tax increased 14% to £209.1m (2018: restated £182.8m). Pro forma underlying profit before tax increased 9% to £381.1m (2018: £350.8m)
- The net loan book grew 105% to £18.4bn (2018: £9.0bn) on a statutory basis and increased 16% to £18.2bn (2018: £15.6bn) on a pro forma underlying basis, or 23% excluding the impact of structured asset sales. Statutory gross originations grew by 36% to £4.1bn (2018: £3.0bn) and increased 10% on a pro forma underlying basis to £6.5bn (2018: £5.9bn)
- On a statutory basis, the cost to income ratio increased to 32% (2018: 28%). On a pro forma underlying basis, the cost to income ratio remained excellent at 29% (2018: 28%), due to strong income growth alongside continued focus on cost discipline and efficiency
- Net interest margin (NIM) was 2.43% on a statutory basis (2018: restated 3.05%) and 2.66% on a pro forma underlying basis (2018: 2.86%)
- Impairments remain low with a loan loss ratio of 13bps (2018: 10bps) on a statutory basis and 10bps (2018: 7bps) on a pro forma underlying basis
- Statutory return on equity (RoE) fell to 18% (2018: restated 25%), however, on a pro forma underlying basis, RoE remained strong at 25% (2018: 28%). Statutory Common Equity Tier 1 (CET1) capital ratio increased to 16.0% (2018: 13.3%)