OSB Group PLC - Kent-based lender - Says it has tightened lending criteria. Organic originations in first three months of 2021 down to GBP1.1 billion from GBP1.5 billion, amid "tighter post-Covid criteria" but "at attractive margins". OSB previously uncovered potential fraudulent activity by a third party. Underlying net loans and advances up 3% to GBP19.6 billion from GBP19.0 billion in quarter ended December 31. Leaves 2021 guidance unchanged. "We entered the second quarter with a robust pipeline of new business and applications in our core Buy-to-Let and Residential sub-segments remain strong. We continue to control volumes in our more cyclical product lines," Chief Executive Officer Andy Golding says. "With the continued successful vaccine roll-out and progressive easing of lockdown restrictions, the outlook for the UK economy has improved, although we remain cognisant of ongoing uncertainty. Our business model continues to demonstrate its resilience and inherent strengths."
Current stock price: 477.00 pence
Year-to-date change: up 13%
By Eric Cunha; ericcunha@alliancenews.com
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OneSavings Bank (OSB)
