OSB holds guidance as loans increase
By Frank Prenesti
Date: Thursday 03 Nov 2022
(Sharecast News) - Specialist lender OneSavingsBank said it was on track to deliver its 2022 full year guidance, despite macroeconomic instability and rising interest rates.
Underlying and statutory net loans increased by 7% in the nine months to September 30, to £22.4bn and £22.5bn respectively, the company said on Thursday, adding that three months-plus arrears balances remained stable at 1.1%.
OSB is guiding for around 10% underlying net loan book growth, and underlying net interest margin broadly flat to the first half and underlying cost to income ratio to increase marginally from 2021.
"Looking ahead, whilst the outlook for the UK economy and the overall shape and size of the mortgage market is somewhat unclear, the fundamental drivers of demand in the private rented sector remain robust," said chief executive Andy Golding.
"Our strong capital and liquidity position, secured loan book and proven risk management capabilities, as well as our focus on professional and portfolio landlords, position us well to navigate this challenging period and continue to generate attractive and sustainable returns for shareholders across the cycle."
Reporting by Frank Prenesti for Sharecast.com
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