Its loan book, net interest margin, and net fair value all grew in 2022
Specialist lender OSB Group has announced a 13% increase in pre-tax profit, hitting a record £591.1 million in 2022.
It was primarily due to growth in its loan book, an improved net interest margin, and net fair value gains on financial instruments.
The group, which includes mortgage lending brands Precise Mortgages, Kent Reliance for Intermediaries, and InterBay, saw its underlying and statutory net loan book increase by 12% to £23.5 billion and £23.6 billion, respectively, supported by organic originations of £5.8 billion, up 29% from £4.5 billion in 2021.
We’re pleased to share our 2022 Full Year Results.
— OSB Group (@OSBGroupUK) March 16, 2023
We remained focused on helping our customers who’ve been impacted by another difficult year, and we’ve demonstrated strong financial and operational performance in 2022.
➡️ https://t.co/cqnyyQlE3Q
#TogetherWeProsper pic.twitter.com/bXwVGmPmLG
“I am delighted with the outstanding results that OSB Group delivered in 2022,” commented Andy Golding (pictured), chief executive at the OSB Group, in a release announcing the results. “The business has remained resilient in a difficult macroeconomic environment, continuing to support and provide valuable solutions for our customers.
“Our lending franchise remained strong, with net loan book growth of 12% in the year and underlying pre-tax profit up 13% to £591 million. We achieved this while maintaining cost discipline, low credit losses, and a sector leading underlying return on equity of 24%.”
Golding added that OSB remains cognisant of the uncertain macroeconomic outlook and the potential impact of the higher cost-of-living and borrowing on the mortgage market and affordability.
“We are building a healthy pipeline of new business and have a proven track record of retaining customers, attracting new business, and working with high quality borrowers,” he said. “We are capitalising on continued demand for our specialist lending products and are identifying opportunities to further digitise our business operations to deliver additional efficiencies.
“We will continue to invest in the group to ensure it remains well-positioned to meet the changing needs of our customers, brokers and wider stakeholders. I remain confident in the outlook for the group and our ability to deliver sustainable and attractive returns for our shareholders.”
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