4th Nov 2022 14:25
(Alliance News) - OSB Group PLC on Thursday said it delivered a "strong" performance in the third quarter of the year, citing robust demand in the private rented sector.
OSB is a Chatham, Kent-based mortgage specialist, formerly known as OneSavings Bank PLC.
The company said organic originations as at September 30 were up 53% to GBP1.6 billion from GBP1.1 billion a year before.
Meanwhile, underlying and statutory net loans were up 7% in the first nine months of 2022.
OSB completed its GBP100 million share buyback programme, which it had announced back in March.
"The group delivered a strong performance in the third quarter, despite the backdrop of macroeconomic instability and rising interest rates, demonstrating the resilience of our business model. Our focus as always is on helping our customers who may be impacted by the rising cost of living and borrowing, and we are ready to provide appropriate support if required," said Chief Executive Officer Andy Golding.
Looking ahead, OSB said it remains on track to deliver 2022 guidance of 10% underlying net loan book growth, an underlying net interest margin flat to 302 basis points in the first half, and a marginal underlying cost to income ratio increase from 2021's 24%.
OSB shares were 0.6% higher at 423.60 pence each in London on Friday afternoon.
By Tom Budszus; [email protected]
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