OneSavings Bank’s loan book grew by three percent to £19.6bn in the first quarter of 2021, its trading update shows.
According to the results, this means the business is on track to deliver on its guidance of underlying net loan book growth for 2021 of around 10%.
Arrears of three months and over remained stable in Q1 and the statement suggests release of impairment provisions, given that house prices have appreciated and have outperformed the bank’s IFRS 9 model assumptions.
Andy Golding, chief executive of OSB Group PLC, said: “I am delighted with the financial and operational performance that OSB Group has achieved so far this year. 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.”