OSB Group Plc, the specialist lending and retail savings group, has issued a trading update for the period from 1st January 2023 to date, highlighting a strong financial and operational performance throughout the first quarter.
The group reported organic originations of £1.2bn in the first three months of 2023, up from £1.1bn in Q1 2022.
Underlying and statutory net loans and advances increased by 3% in Q1 to £24.2bn. Three-month-plus arrears balances remained stable at 1.1% as of 31st March 2023.
Additionally, the group has repurchased £20.1m worth of shares under the £150m share repurchase programme.
Andy Golding (pictured), CEO of 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.”
Golding also noted the group’s increased full-year guidance for underlying net loan book growth from approximately 5% to 7% for 2023, with NIM and cost to income guidance remaining unchanged.
The milestone of £20bn in retail deposits was also acknowledged, demonstrating the attractiveness of the group’s savings proposition and the strength of its retail funding platforms.
In April, OSB Group issued £250m of Tier 2 debt securities, marking further progress in optimising the group’s capital composition.
