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(Alliance News) - OSB Group PLC on Thursday said that Chief Financial Officer April Talintyre will retire as CFO and as director after 11 years with the company, as it upgraded its guidance for 2023.
The Chatham, England-based mortgage lender said Talintyre will stay with the company until a date that has yet to be announced to confirm the transition to a new CFO.
Chief Executive Andy Golding said: "April has been instrumental in shaping and delivering OSB's strategy over the last 11 years, helping steward OSB through private equity ownership into a successful FTSE 250 listed business, as well as playing a key role in the group's merger with Charter Court Financial Services in 2019."
Meanwhile, the company gave a trading update for the third quarter of 2023. OSB said organic originations were down 19% to GBP1.3 billion from GBP1.6 billion a year prior.
Statutory net loans rose 6.8% to GBP25.2 billion as at September 30 from GBP23.6 billion at December 31. Further, OSB said it substantially completed its GBP150 million share repurchase programme.
Looking ahead, it said: "The group is cognisant of the rising cost of retail funds and the impact of planned future MREL issuance, but remains on track to deliver its 2023 full year guidance." MREL stands for minimum requirement for own funds and eligible liabilities.
OSB for 2023 expects an underlying net interest margin of around 2.6%, upgraded from a guidance posted in March which expected it to remain broadly flat year-on-year. Further, it eyes and underlying cost to income ratio of around 33% for 2023, up from 25% in 2022 and upgraded from a guidance of 29% posted in March.
OSB added: "Given the strong lending performance to date, particularly in retentions, we now expect to deliver underlying net loan book growth of around 9%." This was an upgrade from 5% guided when it released its 2022 results in March.
CEO Golding said: "Looking ahead, whilst the outlook for the UK economy and the overall mortgage market remains somewhat unclear, the fundamental drivers of demand in the private rented sector continue to be robust. 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 continue to generate attractive and sustainable returns for shareholders through the cycle.”
OSB shares rose 11% to 321.41 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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