UK's OSB Group falls after trimming annual NIM growth forecast

Osb

15/08/2024 08:58

** UK-based specialist mortgage lender OSB Group  OSBO.L 
falls 19.8% to 388 pence, lowest since April 25
    ** OSB now sees full-year underlying net interest margin
(NIM) in a range of 230 - 240bps driven by increased competition
in the subdued mortgage market
    ** Co was previously expecting underlying NIM broadly flat
to 251bps it reported in 2023
    ** Expects underlying net loan book growth of about 3% for
2024 down from earlier forecast of about 5%
    ** H1 underlying profit before tax up to 249.9 mln pounds
($321.15 mln) 
    ** Brokerage RBC cuts target price to 550p from 625p,
maintains 'outperform' rating 
    ** Shares up 4% this year, as of last close

($1 = 0.7781 pounds)

 (Reporting by Shanima A in Bengaluru)
 ((shanima.a@thomsonreuters.com; (Direct: +91 72 5956 7774);))