OSB Group lifted its full-year loan book growth guidance after reporting “robust” trading in the first three months of the year, with organic originations up 9% to £1.2bn on a year ago.
The lender — which includes Kent Reliance for intermediaries, Precise Mortgages and Charter Savings Bank — adds that underlying and statutory net loans and advances lifted 3% to £24.2bn from the previous quarter.
It raised its underlying net loan book growth from around 5% to around 7% for 2023. Last year, the business boosted its statutory net loan book by 12% to £23.5bn.
The group’s three-month-plus arrears balances were unchanged at 1.1% on 31 March, compared with the previous three months.
The business also repurchased £20.1m worth of shares at the end of April under a £150m share repurchase programme.
OSB Group chief executive Andy Golding says: “We have delivered a robust performance so far this year. Strong application volumes and a continued focus on customer retention in our core buy-to-let and residential sub-segments delivered net loan book growth of 3% in the first quarter.
“While we remain mindful of the uncertain macroeconomic outlook, the growth so far this year and the current level of demand enable us to increase our full-year guidance for underlying net loan book growth.”
