The results – measured in the three months to 30 September – place OSB on track to reach its target of 10% underlying net loan book growth in 2022.

The update also revealed OSB’s underlying and statutory net loans increased by 7% to £22.4bn and £22.5bn respectively in the nine months to 30 September.

OSB reported robust financial results in the opening six months of the year in August, when it unveiled before-tax profits of £268.1m and a 14% year-on-year rise in its bridging loan originations to £77m.

Andy Golding, CEO of OSB Group (pictured above), said the results underlined the resilience of the business “despite the backdrop of macroeconomic instability and rising interest rates”.

“We saw healthy growth in our deposit book as our savers benefitted from our consistently fair savings proposition.

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“Organic mortgage originations increased 53% on the equivalent period in 2021, as we converted our strong pipeline.

“Our prudent loan to values and high average interest coverage ratios, combined with most borrowers being on fixed rate products, reflect the strength of our portfolio.

“The credit performance of our borrowers remained strong, with stable three months plus arrears, however we continue to review our forward-looking macroeconomic scenarios in light of ongoing instability in the UK outlook,” he continued.

Looking ahead, Andy indicated the fundamental drivers of demand in the private rented sector are to remain robust despite ongoing economic uncertainty.

“Our strong capital and liquidity position, secured loan book and proven risk management capabilities, as well as our focus on professional and portfolio landlords, position us well to navigate this challenging period and continue to generate attractive and sustainable returns for shareholders across the cycle,” he said.