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OSB loan book grows in line with forecasts
(Sharecast News) - Private banking company OSB Group said on Thursday that its net loan book had grown in line with expectations over the first nine months of the year, supported by a 19% rise in originations to £3.4bn. OSB, which sold its £130m portfolio of second charge mortgages in September, said its net loan book would have increased by 2.3% since year-end excluding the sale.
The FTSE 250-listed group said it had continued to evolve its loan book mix, with originations in higher-yielding sub-segments outpacing buy-to-let volumes, while origination and retention margins remained in line with expectations.
Total assets reflected loan book growth and a 4.9% increase in liquid assets.
Retail deposits rose as OSB repaid its TFSME borrowings in full on 10 September and undertook pre-funding for the fourth quarter, while three-month-plus arrears balances eased to 1.7% from 1.8% at 30 June, with credit quality described as strong.
OSB's Common Equity Tier 1 capital ratio stood at 15.8%, supported by resilient financial performance and the £100m share buyback announced in March, in which it has already repurchased £67.7m worth of shares under the programme.
Chief executive Andy Golding said: "I am pleased with the group's resilient financial performance and strategic progress in the nine months to 30 September. We have delivered in line with our plan and we are on track for the full year 2025 net interest margin, administrative expenses, loan book growth and return on tangible equity guidance."
As of 1030 GMT, OSB shares were up 2.16% at 537.38p.
Reporting by Iain Gilbert at Sharecast.com
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