OSB Group (OSB) Q1 2026 TU earnings summary

Executive summary

• Delivered resilient financial performance in Q1 2026, operating broadly in line with 2026 guidance.

• Lending franchise performed as expected, with strong Buy-to-Let and Residential originations.

• Strategic progress made on technology transformation and product launches.

Financial highlights

• Net loan book grew 0.9% to £26.15bn, supported by an 11% increase in originations to £1.2bn year-over-year.

• Retail deposits rose 1.8% to £24.7bn; total assets decreased 0.5% as liquidity was optimized.

• CET1 ratio remained robust at 15.1% after share repurchases.

• Three months plus arrears stable at 1.7%, with strong credit quality.

Outlook and guidance

• Loan book growth expected to be broadly similar to 2025.

• Net interest margin guidance circa 225bps for 2026, dependent on retail funding cost normalization.

• Administrative expenses expected around £280m, excluding CEO transition and buyout costs.

• Return on tangible equity targeted in the low teens; dividend per share to increase 5% from 2025.