August 27, 2014 / 6:22 AM / 3 years ago

OneSavings Bank says first half profit up four-fold

LONDON, Aug 27 (Reuters) - New British lender OneSavings Bank said underlying profit before taxation rose four-fold to 29.7 million pound ($49.16 million) in the first half of the year.

OneSavings, which became the first UK bank to list for more than a decade in June, said loans and advances grew by 13 percent during the period to 3.4 billion pound and underlying return on equity rose 10 percentage points to 30 percent.

The bank said it was targeting a dividend pay-out ratio of at least 25 per cent of underlying profit. ($1 = 0.6042 British Pounds) (Reporting by Nishant Kumar; editing by Matt Scuffham)

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