Specialist lending and retail savings group OSB Group plc (OSB.L), on Wednesday, issued a trading update for the period from 1 January 2024 to date and reported that financial and operational performance in the first quarter was stable and underlying net interest margin is on track to meet full-year guidance.
New originations totaled £1.0 billion in the first three months of 2024 versus £1.2 billion reported in the prior year period. Q1 underlying and statutory net loans and advances increased by 1% to £26.0 billion from £25.7 billion and £25.8 billion in 31 December 2023, respectively.
The company further stated that it is on track to deliver the 2024 full-year guidance for underlying net interest margin broadly flat to 2023, underlying net loan book growth of about 5%, and the underlying cost-to-income ratio broadly flat to 2023.
Andy Golding, CEO of OSB Group, said, "The Group is well positioned to deliver attractive and sustainable returns across the cycle, with a strong and resilient business model, robust capital and liquidity position, secured loan book and proven risk management capabilities. I look to the future with confidence."
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