OSB profit falls on impairment provisions; reinstates dividend
- OSB Group reported a 9% drop in annual earnings, hit by an impairment provision of 20 million pounds ($27.52 million) related to a potential third-party fraud, although the specialist mortgage lender reinstated a final dividend.
Underlying pretax profit fell to 346.2 million pounds in the 12 months to Dec 31, 2020, from 381.1 million pounds a year earlier, while its net loan book grew 4% to 19.2 billion pounds, the lender said on Thursday.
OSB, which specializes in buy-to-let, commercial mortgages and residential development finance, recommended a final dividend of 14.5 pence, after cancelling payout last year citing COVID-19 pandemic challenges.
($1 = 0.7268 pounds)
(Reporting by Chris Thomas and Muvija M in Bengaluru; Editing by Amy Caren Daniel)