Book grew by 3% in the first three months of the year
Specialist lender OSB Group has reported strong financial and operational performance throughout the first quarter of the year, with organic originations hitting £1.2 billion.
Underlying and statutory net loans and advances increased by 3% to £24.2 billion, while the group’s three months plus arrears balances remained stable at 1.1% as at the end of March 2023.
OSB also announced that it had repurchased £20.1 million worth of shares at the end of April under the £150 million share repurchase program.
The group, which includes mortgage lending brands Precise Mortgages, Kent Reliance for Intermediaries, and InterBay, previously reported a 13% annual increase in underlying pre-tax profit, hitting a record £591.1 million in 2022.
“We have delivered a robust performance so far this year,” Andy Golding (pictured), chief executive at OSB Group, said. “Strong application volumes and a continued focus on customer retention in our core buy-to-let and residential sub-segments delivered net loan book growth of 3% in the first quarter.
“While we remain mindful of the uncertain macroeconomic outlook, the growth so far this year and the current level of demand enable us to increase our full year guidance for underlying net loan book growth from around 5% to around 7% for 2023. The NIM and cost to income guidance remain unchanged.
“The strength and resilience of our business model, our strong capital and liquidity position, secured loan book and proven risk management capabilities position us well to deliver attractive and sustainable returns across the cycle, and I look to the future with confidence.”
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