TIDMOSB
LEI: 213800ZBKL9BHSL2K459
OSB GROUP PLC: Trading update
Published: 03.05.2023
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 2023 to date.
Highlights
-- Strong financial and operational performance continued throughout the
first quarter
-- Organic originations of GBP1.2bn in the first three months of 2023 (Q1
2022: GBP1.1bn)
-- Underlying1 and statutory net loans and advances increased by 3% in the
first quarter to GBP24.2bn (31 December 2022: GBP23.5bn and GBP23.6bn,
respectively)
-- The Group's three months plus arrears balances remained stable at 1.1% as
at 31 March 2023 (31 December 2022: 1.1%)
-- The Group has repurchased GBP20.1m worth of shares at the end of April
under the GBP150m share repurchase programme
1. Underlying loan book excludes the fair value uplift to CCFS'
loan book on acquisition and related acquisition adjustments.
Andy Golding, CEO of OSB Group, said:
"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.
Whilst 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 from c. 5% to c. 7% for 2023. The NIM and cost to income
guidance remain unchanged.
We have recently reached the milestone of GBP20bn in retail
deposits, demonstrating not only the attractiveness of our savings
proposition, but also the strength of our retail funding
platforms.
In April, we issued GBP250m of Tier 2 debt securities, marking
further progress on our journey of optimising the Group's capital
composition.
The strength and resilience of our business model, our strong
capital and liquidity position, secured loan book and proven risk
management capabilities position us well to deliver attractive and
sustainable returns across the cycle and I look to the future with
confidence."
Enquiries:
OSB GROUP PLC
Alastair Pate t: 01634 838 973
Brunswick Group
Robin Wrench / Simone Selzer t: 020 7404 5959
About OSB GROUP PLC
OneSavings Bank 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)
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)
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 any other
documents or announcements distributed by OSB GROUP PLC (OSBG)
through the Regulatory News Service (RNS). This document is not
audited and contains certain forward-looking statements with
respect to the business, strategy and plans of OSBG, its current
goals, beliefs, intentions, strategies 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 but are not
the exclusive means of identifying such statements. 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 that could cause actual results or events to differ
materially from those expressed or implied by the forward-looking
statements. 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, energy prices and currencies; policies
of the Bank of England, the European Central Bank and other G7
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 events; the impact of
outbreaks, epidemics and pandemics or other such events; changes in
laws, regulations, taxation, accounting standards or practices,
including as a result of the UK's exit 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; the success of OSBG in managing the risks of the
foregoing; and other risks inherent to the industries in which OSBG
operates.
Accordingly, no reliance may be placed on any forward-looking
statement. Neither OSBG, nor any of its directors, officers or
employees provides any representation, warranty or assurance 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 section in the OSBG 2022 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 or the solicitation of 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. Statements about historical performance must
not be construed to indicate that future performance, share price
or results in any future period will necessarily match or exceed
those of any prior period. Nothing in this document is intended to
be, or should be construed as, a profit forecast or estimate for
any period.
In regard to any information provided by third parties, neither
OSBG nor any of its directors, officers or employees explicitly or
implicitly guarantees that such information is exact, up to date,
accurate, comprehensive or complete. In no event shall OSBG be
liable for any use by any party of, for any decision made or action
taken by any party in reliance upon, or for inaccuracies or errors
in, or omission from, any third party information contained herein.
Moreover, in reproducing such information by any means, OSBG may
introduce any changes it deems suitable, may omit partially or
completely any aspect of the information from his document, and
accepts no liability whatsoever for any resulting discrepancy.
Liability arising from anything in this document shall be
governed by English law, and neither OSBG 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
OSBG believes that any non-IFRS performance measures included in
this document provide a more consistent basis for comparing the
business' performance between financial periods, and provide more
detail concerning the elements of performance which OSBG is most
directly able to influence or are relevant for an assessment of
OSBG. 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 section in the OSBG 2022 Annual
Report and Accounts. Copies of this are available at www.osb.co.uk
and on request from OSBG.
(END) Dow Jones Newswires
May 03, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Osb (LSE:OSB)
過去 株価チャート
から 6 2024 まで 7 2024
Osb (LSE:OSB)
過去 株価チャート
から 7 2023 まで 7 2024