Annual profits drop for OSB Group
The lending and retail savings group that includes Wolverhampton's Charter Court Financial Services saw a fall in pre-tax profits in 2023.
OSB Group – which also takes in OneSavings Bank – reported a drop of 30 per cent from £585 million in 2022 to £374.3m.
OSB combined with Charter Court Financial Services Group in 2019.
The underlying and statutory net loan book increased by nine per cent to £25.7 billion and £25.8bn respectively
A new share repurchase programme of £50m over the next six months starts on Friday.
The total dividend for the year was 32p per share.
Group chief executive Andy Golding said: “The group performed well in its core market segments in 2023, growing its share of the buy-to-let sub-segment to deliver nine per cent net loan book growth against a backdrop of a subdued wider mortgage market.
"The group’s target professional landlords continue to demonstrate resilience, supported by high levels of demand in the private rented sector, long-term income improvement and a reduction in the cost of borrowing towards the end of the year. Our fair and attractively priced savings products were popular and we grew our retail deposits by 12 per cent in the year."
Results were significantly impacted by the adverse effective interest rate adjustment
