You are here: Home - News -

OSB Group records £1.3bn in new lending amid economic uncertainty

  • 02/11/2023
  • 0
OSB Group records £1.3bn in new lending amid economic uncertainty
Specialist lending and retail savings group, OSB Group has issued its latest trading update covering the third quarter of this year.

The Group posted steady lending figures, despite a small year-on-year dip, alongside strong overall financial and operating performance.

OSB Group completed £1.3bn in new lending in the third quarter of 2023 compared to £1.6bn during the same period last year.

Net loans increased seven per cent in the nine months to 30 September 2023 to £25.2bn.

The business saw profits fall  in the first half of this year due to reporting changes.

The Group operates in the specialist mortgage market via three brands, Precise Mortgage, Kent Reliance for Intermediaries and InterBay.

CEO Andy Golding (pictured) said he was pleased with the Group’s strong performance in the third quarter, “despite the continued macroeconomic uncertainty”.

He added that the Group’s lending figures demonstrate its “strong relationships and attractive propositions in the market”, with a boost in borrowers refinancing with the Group through its retention programmes.

OSB is now on track to deliver full-year underlying net loan book growth of around nine per cent.

Arrears stable

OSB Group’s arrears levels held firm at 1.3 per cent of mortgages in arrears of three months or more as at the end of September.

This marked a slight tick up from the 1.2 per cent of arrears recorded during the second quarter of the year.

Golding said: “The credit performance of our borrowers remained strong, with broadly stable three months plus arrears and no material change in the Group’s macroeconomic scenarios in the third quarter, albeit we continue to review these scenarios in light of ongoing uncertainty in the UK macroeconomic outlook.”

“Looking ahead, whilst the outlook for the UK economy and the overall mortgage market remains somewhat unclear, the fundamental drivers of demand in the private rented sector continue to be robust.

“Our strong capital and liquidity position, secured loan book and proven risk management capabilities, as well as our focus on professional and portfolio landlords, position us well to continue to generate attractive and sustainable returns for shareholders through the cycle.”

There are 0 Comment(s)

You may also be interested in