OSB sees 8% lending increase and on track to hit 10% increase for 2021
OSB has seen an 8% increase in net lending in the nine months to the end of September and remains on track to hit its 10% forecast for 2021, according to its latest trading update.
The three months up to September 30 saw organic originations total £1.1bn, up 46% from the £0.7bn reported during the same period in 2020.
The 8% uplift in underlying and statutory net loans in the nine months to 30 September 2021, to £20.6bn and £20.8bn, respectively.
Andy Golding, chief executive officer at OSB, said: “We remain mindful of uncertainty in the outlook for the UK economy, however, demand in housing and rental markets remains strong.
“I am delighted with the performance of the group in the period, which further demonstrates the resilience of our business model and strong risk management capabilities,” said chief executive officer Andy Golding.
“Our lending and savings franchises performed well, and whilst we continue to control lending in our more cyclical businesses, we are seeing good demand in our buy-to-let and residential segments, building the pipeline for 2022.
“We updated the forward-looking macroeconomic scenarios used in our IFRS 9 models to reflect the improved economic outlook, which together with the broadly stable credit performance of our loan book led to a further provisions release in the period.”