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OSB Group profits take hit due to pandemic and impairment provision
StockMarketWire.com
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Specialist lender OSB Group reported a 9% drop in annual earnings but has credited its resilient business model in delivering strong results amid the pandemic.
Underlying pre-tax profit fell slightly to £346.2 million for the year ending Dec 31, 2020, from £381.1 million a year prior, while its net loan book grew 4% to £19.2 billion, the lender confirmed in its preliminary results.
The group suffered due to an impairment provision of £20 million, related to potential third-party fraud.
Chief executive Andy Golding described it as an 'isolated incident'.
The lender has recommended a final dividend of 14.5 pence per share, representing 25% of full-year underlying earnings attributable to ordinary shareholders, in line with its stated dividend policy.
At 8:05am: (LON:OSB) Osb Group PLC share price was 0p at 390p
Story provided by StockMarketWire.com
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