TIDMOSB
LEI: 213800ZBKL9BHSL2K459
OSB GROUP PLC
Trading update
OSB GROUP PLC (OSBG or the Group), the specialist lending and
retail savings group, today issues its trading update for the
period from 1 January 2022 to date.
Highlights
-- Strong financial and operational performance continued throughout the
first quarter
-- Organic originations of GBP1.1bn in the first three months of 2022 (Q1
2021: GBP1.1bn)
-- Underlying1 and statutory net loans and advances increased by 1% in the
first quarter to GBP21.2bn and GBP21.4bn, respectively, in line with
management expectations (31 December 2021: GBP20.9bn and GBP21.1bn)
-- 3+ months arrears remained stable in the first quarter
-- Underlying net interest margin in 2022 is now expected to marginally
exceed 2021, due primarily to the benefit of recent base rate rises.
There is no change to previous guidance for underlying net loan book
growth and underlying cost to income ratio
-- The Group has repurchased GBP21.6m worth of shares under the GBP100m
share buyback programme2
Andy Golding, CEO of OSB Group, said:
"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.
Our capital position, secured loan book and proven risk
management capabilities position us well to respond to the
opportunities and challenges ahead. We remain mindful of the
ongoing impact of the rising cost of living and geopolitical
uncertainty, however, we will deploy our resources to continue to
deliver attractive, sustainable returns for our shareholders across
the cycle."
1. Underlying loan book excludes the fair value uplift to CCFS loan book on
acquisition and related acquisition adjustments.
2. As at market close on 3 May 2022.
Enquiries:
OSB GROUP PLC
Alastair Pate t: 01634 838 973
Brunswick Group
Robin Wrench/Simone Selzer t: 020 7404 5959
About OSB GROUP PLC
OSB began trading as a bank on 1 February 2011 and was admitted
to the main market of the London Stock Exchange in June 2014
(OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October
2019, OSB acquired Charter Court Financial Services Group plc
(CCFS) and its subsidiary businesses. On 30 November 2020, OSB
GROUP PLC became the listed entity and holding company for the OSB
Group. The Group provides specialist lending and retail savings and
is authorised by the Prudential Regulation Authority, part of the
Bank of England, and regulated by the Financial Conduct Authority
and Prudential Regulation Authority. The Group reports under two
segments, OneSavings Bank and Charter Court Financial Services.
OneSavings Bank
OSB primarily targets market sub-sectors that offer high growth
potential and attractive risk-adjusted returns in which it can take
a leading position and where it has established expertise,
platforms and capabilities. These include private rented sector
Buy-to-Let, commercial and semi-commercial mortgages, residential
development finance, bespoke and specialist residential lending,
secured funding lines and asset finance.
OSB originates mortgages organically via specialist brokers and
independent financial advisers through its specialist brands
including Kent Reliance for Intermediaries and InterBay Commercial.
It is differentiated through its use of highly skilled, bespoke
underwriting and efficient operating model.
OSB is predominantly funded by retail savings originated through
the long-established Kent Reliance name, which includes online and
postal channels as well as a network of branches in the South East
of England. Diversification of funding is currently provided by
securitisation programmes and the Bank of England's Term Funding
Scheme with additional incentives for SMEs.
Charter Court Financial Services Group
CCFS focuses on providing Buy-to-Let and specialist residential
mortgages, mortgage servicing, administration and retail savings
products. It operates through its brands: Precise Mortgages and
Charter Savings Bank.
It is differentiated through risk management expertise and
best-of-breed automated technology and systems, ensuring efficient
processing, strong credit and collateral risk control and speed of
product development and innovation. These factors have enabled
strong balance sheet growth whilst maintaining high credit quality
mortgage assets.
CCFS is predominantly funded by retail savings originated
through its Charter Savings Bank brand. Diversification of funding
is currently provided by securitisation programmes and the Bank of
England's Term Funding Scheme with additional incentives for
SMEs.
Important disclaimer
This document should be read in conjunction with the documents
distributed by OSB GROUP PLC (OSBG) through the Regulatory
Information Service. This document is not audited and contains
certain forward-looking statements, beliefs or opinions, including
statements with respect to the business, strategy and plans of OSBG
and its current goals and expectations relating to its future
financial condition, performance and results. Such forward-looking
statements include, without limitation, those preceded by, followed
by or that include the words 'targets', 'believes', 'estimates',
'expects', 'aims', 'intends', 'will', 'may', 'anticipates',
'projects', 'plans', 'forecasts', 'outlook', 'likely', 'guidance',
'trends', 'future', 'would', 'could', 'should' or similar
expressions or negatives thereof. Statements that are not
historical facts, including statements about OSBG's, its directors'
and/or management's beliefs and expectations, are forward-looking
statements. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend upon
circumstances that may or may not occur in the future. Factors that
could cause actual business, strategy, plans and/or results
(including but not limited to the payment of dividends) to differ
materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements made by
OSBG or on its behalf include, but are not limited to: general
economic and business conditions in the UK and internationally;
market related trends and developments; fluctuations in exchange
rates, stock markets, inflation, deflation, interest rates and
currencies; policies of the Bank of England, the European Central
Bank and other G8 central banks; the ability to access sufficient
sources of capital, liquidity and funding when required; changes to
OSBG's credit ratings; the ability to derive cost savings; changing
demographic developments, and changing customer behaviour,
including consumer spending, saving and borrowing habits; changes
in customer preferences; changes to borrower or counterparty credit
quality; instability in the global financial markets, including
Eurozone instability, the potential for countries to exit the
European Union (the EU) or the Eurozone, and the impact of any
sovereign credit rating downgrade or other sovereign financial
issues; technological changes and risks to cyber security; natural
and other disasters, adverse weather and similar contingencies
outside OSBG's control; inadequate or failed internal or external
processes, people and systems; terrorist acts and other acts of war
or hostility and responses to those acts; geopolitical, pandemic or
other such events; changes in laws, regulations, taxation,
accounting standards or practices, including as a result of an exit
by the UK from the EU; regulatory capital or liquidity requirements
and similar contingencies outside OSBG's control; the policies and
actions of governmental or regulatory authorities in the UK, the EU
or elsewhere including the implementation and interpretation of key
legislation and regulation; the ability to attract and retain
senior management and other employees; the extent of any future
impairment charges or write-downs caused by, but not limited to,
depressed asset valuations, market disruptions and illiquid
markets; market relating trends and developments; exposure to
regulatory scrutiny, legal proceedings, regulatory investigations
or complaints; changes in competition and pricing environments; the
inability to hedge certain risks economically; the adequacy of loss
reserves; the actions of competitors, including non-bank financial
services and lending companies; and the success of OSBG in managing
the risks of the foregoing.
Accordingly, no reliance may be placed on any forward-looking
statement and no representation, warranty or assurance is made that
any of these statements or forecasts will come to pass or that any
forecast results will be achieved. Any forward-looking statements
made in this document speak only as of the date they are made and
it should not be assumed that they have been revised or updated in
the light of new information of future events. Except as required
by the Prudential Regulation Authority, the Financial Conduct
Authority, the London Stock Exchange PLC or applicable law, OSBG
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained in this document to reflect any change in OSBG's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
For additional information on possible risks to OSBG's business,
please see the Risk review in the OSBG 2021 Annual Report and
Accounts. Copies of this are available at www.osb.co.uk and on
request from OSBG.
Nothing in this document and any subsequent discussion
constitutes or forms part of a public offer under any applicable
law or an offer to purchase or sell any securities or financial
instruments. Nor does it constitute advice or a recommendation with
respect to such securities or financial instruments, or any
invitation or inducement to engage in investment activity under
section 21 of the Financial Services and Markets Act 2000. Past
performance cannot be relied on as a guide to future performance.
Nothing in this document is intended to be, or should be construed
as, a profit forecast or estimate for any period.
Liability arising from anything in this document shall be
governed by English law, and neither the Company nor any of its
affiliates, advisors or representatives shall have any liability
whatsoever (in negligence or otherwise) for any loss howsoever
arising from any use of this document or its contents or otherwise
arising in connection with this document. Nothing in this document
shall exclude any liability under applicable laws that cannot be
excluded in accordance with such laws.
Certain figures contained in this document, including financial
information, may have been subject to rounding adjustments and
foreign exchange conversions. Accordingly, in certain instances,
the sum or percentage change of the numbers contained in this
document may not conform exactly to the total figure given.
Non-IFRS performance measures
OSB GROUP PLC believes that the non-IFRS performance measures
included in this document provide valuable information to the
readers as they enable the reader to identify a more consistent
basis for comparing the business' performance between financial
periods, and provide more detail concerning the elements of
performance which the Group is most directly able to influence or
are relevant for an assessment of the Group. They also reflect an
important aspect of the way in which operating targets are defined
and performance is monitored by the Board. However, any non-IFRS
performance measures in this document are not a substitute for IFRS
measures and readers should consider the IFRS measures as well. For
further details, refer to Alternative performance measures in the
Financial review in the OSBG 2021 Annual Report and Accounts.
Copies of this are available at www.osb.co.uk and on request from
OSBG.
(END) Dow Jones Newswires
May 04, 2022 02:00 ET (06:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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