OSB Group has seen its underlying profit before tax grow by 13%, reaching a record £591.1m in the year ended 31st December 2022.
Its statutory profit before tax also saw a 14% rise to £531.5m.
According to its preliminary results report published today (16th March), the successful profit before tax levels are primarily due to loan book growth, an improved net interest rate margin, and net fair gains on financial instruments.
The group’s underlying and statutory net loan book increased by 12% to £23.5bn and £23.6bn, respectively — supported by organic originations of £5.8bn, up 29% from £4.5bn in 2021.
In addition, its underlying and statutory net interest margins were 303 bps and 378 bps, respectively.
Across its Charter Court Financial Services (CCFS) segment, the bridging area of the business saw origination levels almost double, reaching £217.5m — as a result, its bridging gross loan book increased to £149.7m, compared to £56.3m the previous year.
For BTL, originations through the Precise Mortgages brand increased by 35% to almost £2bn, supporting a 19% growth in its underlying gross BTL loan book in the year to £7.4bn.
Meanwhile, across the group’s OneSavings Bank segment, the business’ BTL gross loan book grew by 10% to £9.75bn, with originations up by 22%, totalling £1.8bn in 2022.
For the commercial sub-segment, organic originations more than tripled in 2022 to £278.7m, leading to an 11% increase in the gross loan book to £881m.
Commenting on the annual results, OSB Group’s CEO, Andy Golding, said: “I am delighted with the outstanding results that OSB Group delivered in 2022 — the business has remained resilient in a difficult macroeconomic environment, continuing to support and provide valuable solutions for our customers.
“Our business model and strategy continue to deliver strong outcomes; we are capitalising on continued demand for our specialist lending products and are identifying opportunities to further digitise our business operations to deliver additional efficiencies.
“We will continue to invest in the group to ensure it remains well-positioned to meet the changing needs of our customers, brokers and wider stakeholders.
“I remain confident in the outlook for the group and our ability to deliver sustainable and attractive returns for our shareholders.”
