However, the specialist lending and retail savings group announced that underlying and statutory net loans and advances both grew by 1% to £26bn on the previous quarter.

Retail deposits climbed 4% to £23.1bn in Q1 2024, up from £22.1bn in Q4 2023.

“I am pleased with the group’s operational and financial performance for the first quarter of 2024,” said OSB Group CEO Andy Golding (pictured above).

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“Demand in our core BTL and residential sub-segments remains positive with high quality applications and completions supporting the growing net loan book, and we are writing new business at attractive yields.

“Retail funds pricing remained stable through the quarter as we grew the savings book in line with our requirements.”

Andy added that, while market conditions remain “dynamic”, the business is on track to deliver underlying net loan book growth of circa 5% this year.

“The group is well positioned to deliver attractive and sustainable returns across the cycle, with a strong and resilient business model, robust capital and liquidity position, secured loan book and proven risk management capabilities,” he commented.

“I look to the future with confidence.”