OSB Group Plc. (OSB.L) reported that its profit before taxation for the year ended 31 December 2023 declined to 374.3 million pounds from 531.5 million pounds in the prior year.
Profit for the year was 282.6 million pounds or 65.0 pence per share, down from 410.0 million pounds or 89.8 pence per share in the previous year.
Underlying pre-tax profit was 426.0 million pounds in 2023, down 28% from 591.1 million pounds in 2022, primarily due to the adverse EIR adjustment.
Total income decreased to 658.1 million pounds from 775.4 million pounds in the prior year.
The Group expects to deliver underlying net loan book growth of about 5% for 2024.
The Board has recommended a final dividend of 21.8 pence per share, which together with the interim dividend of 10.2 pence per share, results in a total ordinary dividend for the year of 32.0 pence per share.
OSB Group announced that it intends to commence, on 15 March 2024, a share repurchase program to return up to 50 million pounds to shareholders.
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