The firm’s profit before tax was £192.3m, down from £241.3m in the H1 2024 results, which the group attributes to lower net interest income and a fair value loss on financial instruments.

Andy Golding, group CEO at OSB Group (pictured above), commented: “The group’s results for the first half of 2025 demonstrate resilient financial performance in line with management expectations in addition to strategic progress as we work our way through a two-year transition period.

“We continued to exercise cost and lending discipline and our focus on returns was reflected in a 13.7% return on tangible equity.

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“Our transformation programme is on track and I am pleased with the favourable feedback received following the soft launch of our new lending platform and Rely brand for BTL investors — both key steps in our strategic plan.

“We delivered 1.2% net loan book growth in the first half as we focused on loan book diversification. In line with the targeted expansion into higher yielding sub-segments where we have existing expertise, we saw strong growth in originations across commercial, asset finance, residential development and bridging.

“Given the performance in the first half of the year, today we reiterate our 2025 guidance of low single-digit net loan book growth, NIM of c.225bps, c.£270m of administrative expenses and a low teens RoTE.

“The group is well capitalised, with strong liquidity and a high-quality secured loan book.

“We are focused on making progress through the transition period to deliver on our medium-term aspirations, prioritising positive outcomes for our stakeholders and strong returns for our shareholders.”