The Group posted steady lending figures, in spite of a small YoY decline, besides strong overall financial and operating performance
Specialist lending and retail savings group, OSB Group has issued its latest trading update covering Q3 of 2023.
The Group posted steady lending figures, in spite of a small YoY decline, besides strong overall financial and operating performance.
OSB Group completed £1.3 billion in new lending in the third quarter of 2023 compared to £1.6 billion during the same period last year.
Net loans rose 7% in the nine months to 30 September 2023 to £25.2 billion.
The business saw profits decline in the first half of this year because of reporting changes.
The Group operates in the specialist mortgage market via three brands, Precise Mortgage, Kent Reliance for Intermediaries and InterBay.
Chief Executive Officer Andy Golding said he was pleased with the Group’s strong performance in the third quarter, “despite the continued macroeconomic uncertainty”.
Golding said that the Group’s lending figures show 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 nearly 9%.
The group’s arrears levels held firm at 1.3% of mortgages in arrears of three months or more as at the end of September.
This marked a marginal rise from the 1.2% of arrears logged during the second quarter of the year.
Golding added: 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, although we continue to review these scenarios in light of ongoing uncertainty in the UK macroeconomic outlook.
He added: 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 strong.