OSB Group Full-year Profit Rises

OSB Group Plc (OSB.L) Thursday said its statutory profit before tax increased 14% to 531.5 million pounds for the full year, from 464.6 million pounds in the previous year, primarily due to growth in the loan book, improved net interest margin and net fair value gains on financial instruments.

Excluding one-time items, underlying profit before tax increased to 591.1 million pounds from 522.2 million pounds last year.

Net profit increased to 410 million pounds from 345.3 million pounds a year ago. Statutory basic earnings per share increased to 90.8 pence from 76.0 pence last year.

Underlying basic earnings per share was 99.6 pence, up from 86.7 pence in the previous year.

Net interest income for the year was 709.9 million pounds, up from 587.6 million pounds last year.

The group recommended a final dividend of 21.8 pence per share, and announced a special dividend of 11.7 pence per share. Both the dividends are to be paid on May 17, with an ex-dividend date of March 23.

Additionally, a share buyback of up to 150 million pounds has also been announced, that is expected to commence on March 17.

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