OSB lends £1.2bn in Q1

The group’s Q1 trading update showed a three per cent rise in the value of its loan book to £24.2bn which the bank said was driven by strong application volumes and its focus on customer retention in both buy-to-let and residential markets.

OSB Group’s chief executive Andy Golding (pictured) said that although the group remains “mindful of the uncertain macroeconomic outlook” the growth achieved so far this year coupled with the current level of demand meant it could increase its full-year guidance for underlying net loan book growth from around five per cent to seven per cent for 2023.

The company’s three months plus arrears balances remained stable at 1.1 per cent as at 31 March 2023.

The group repurchased £20.1m worth of shares at the end of April under the £150m share repurchase programme.

The group reported retail deposits of £20bn and in April the group issued £250m of Tier 2 debt securities.

Golding added: “The strength and resilience of our business model, our strong capital and liquidity position, secured loan book and proven risk management capabilities position us well to deliver attractive and sustainable returns across the cycle and I look to the future with confidence.”