8th May 2024 12:02
(Alliance News) - OSB Group PLC on Wednesday said its performance in the first quarter of 2024 was stable, with the underlying net interest margin on track to meet full year guidance.
The Chatham, England-based mortgage lender, formerly known as OneSavings Bank, reported first quarter new originations of GBP1.0 billion, down 17% from GBP1.2 billion a year earlier, while underlying and statutory net loans and advances on March 31 rose 1.2% to GBP26.0 billion from GBP25.7 billion on December 31.
It said its financial and operational performance in the first quarter was "stable". It expects its underlying net interest margin to meet its guidance. In its annual results, it predicted an underlying NIM in 2024 largely in line with 2023's 215 basis points.
Chief Executive Officer Andy Golding commented: "The group is well positioned to deliver attractive and sustainable returns across the cycle, with a strong and resilient business model, robust capital and liquidity position, secured loan book and proven risk management capabilities. I look to the future with confidence."
Shares in OSB were up 3.0% at 442.00 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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