OSB Group PLC said on Wednesday a strong performance in 2021 continued in the first three months of 2022.
In the first quarter of the year, the FTSE 250-listed mortgage specialist said organic originations were flat year-on-year at £1.1 billion.
Net loans and advances edged 1% higher to £21.4 billion from £21.1 billion the prior year. This was in line with management expectations, OSB said.
OSB lifted guidance for underlying net interest margin for 2022, which now is expected to marginally exceed 2021, mostly thanks to recent base rate rises. The guidance for underlying net loan book growth and underlying cost to income ratio remains unchanged.
Shares in OSB were 0.7% higher at 562.50 pence each in London on Wednesday afternoon.
‘I am pleased with the group’s performance so far this year. Application volumes continued to grow during the first quarter in our Buy-to-Let and Residential sub-segments, supported by the commercial, semi-commercial and bridging products relaunched in January. Current demand for our products remains robust, building a strong pipeline for the remainder of the year,’ said Chief Executive Officer Andy Golding.
As of market close on Tuesday, OSB has repurchased £21.6 million shares under its £100 million buyback programme.
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