OSB Group PLC

OSB

Equity

ISIN GB00BLDRH360 / Valor 57624217

LSE London Stock Exchange, SETS (2024-12-23)

GBP 3.93+0.15%

OSB Group PLC
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About company

OSB Group PLC, a UK-based financial institution listed on the stock exchange, operates as a specialist mortgage lender with a focus on serving niche segments of the mortgage market. With a heritage spanning over 150 years, the company has carved out a reputation for providing targeted financial solutions to underserved customers, including those in the Buy to Let, Residential, complex commercial and semi-commercial, development finance, bridging, and asset finance sectors. Through its subsidiary, OneSavings Bank plc, OSB Group is authorized and regulated by the Prudential Regulation Authority and the Financial Conduct Authority, ensuring compliance with stringent financial standards. The group's commitment to addressing the unique needs of its clientele is further exemplified by its offering of specialized products for UK SMEs and small corporate entities, including hire purchase, leasing, and refinancing options through InterBay Asset Finance. Additionally, Precise Mortgages, another brand under the OSB Group umbrella, is dedicated to providing accessible mortgage and bridging finance solutions to individuals who may not be adequately served by mainstream lenders, such as the self-employed or those with adverse credit histories. This strategic focus on specialized lending and retail savings has positioned OSB Group as a key player in the UK's financial landscape, particularly for customers seeking bespoke financial services.

Summarized from source with an LLMView SourceSector: Finance

Profit Before Tax

OSB Group PLC reported a significant increase in its underlying profit before tax for the first half of 2024, reaching £249.9 million compared to £116.6 million in H1 2023. The statutory profit before tax also saw a substantial rise to £241.3 million from £76.7 million in the same period last year. This improvement was primarily due to the non-recurrence of the adverse EIR adjustment seen in H1 2023.

Return on Equity

The underlying return on equity for OSB Group PLC increased to 18% in H1 2024, up from 8% in H1 2023. The statutory return on equity also improved, reaching 17% compared to 5% in the previous year. This growth reflects the company's disciplined approach to new lending and focus on maintaining returns.

Net Loan Book Growth

OSB Group PLC's underlying and statutory net loan book grew by 1.5% and 1.4% respectively, reaching £26.1 billion in the first half of 2024. This is an increase from £25.7 billion and £25.8 billion at the end of FY 2023. The company maintained pricing discipline and focused on returns, resulting in originations of £1.9 billion, down from £2.3 billion in H1 2023.

Net Interest Margin

The underlying and statutory net interest margin (NIM) for OSB Group PLC increased to 243 basis points (bps) and 237 bps respectively in H1 2024, up from 203 bps and 171 bps in H1 2023. This increase was largely due to the non-recurrence of the adverse EIR adjustment, although it was partially offset by maturing fixed-term mortgages redeeming or switching onto lower prevailing spreads.

Interim Dividend

OSB Group PLC declared an interim dividend of 10.7 pence per share for the first half of 2024, up from 10.2 pence per share in H1 2023. This dividend represents one-third of the full-year 2023 ordinary dividend, in line with the Group’s stated dividend policy. The Board has also approved a new £50 million share repurchase programme commencing on 6 September 2024.

Summarized from source with an LLMView Source

Key figures

-13.6%1Y

-27.6%3Y

-7.62%5Y

Performance

41.7%1Y

44.1%3Y

48.2%5Y

Volatility