Full Year 2023 OSB Group PLC Earnings Call Transcript
Good morning everybody, and thank you for attending the OSB Group's 2023 full year results. And clearly, I appreciate there was some disappointment on our '24 Nim guidance this morning. However, OSB. remains a growing and strong ROE business and with a healthy future ahead of it.
I'll start by covering the key highlights in terms of performance for the year. April will then take you through more detail on the numbers. You will then hear a little bit more for me on our lending and savings franchises performed followed by the outlook before we open up to Q&A.
As we reported at the half year, the Group's 2023 results were significantly impacted by the adverse effect of interest rate adjustment, which reduced our full year underlying profit before tax by GBP181.6 million. However, I'm pleased that since then, there has been no material change in borrower behaviour, and we continue to observe a trend consistent with our EIR assumptions for precise customers.
Our lending franchise performed strongly, delivering net loan book growth of 9%,
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