Bank of Ireland reports business lending and consumer confidence up in 2014

08 April 2015

NIIB and Northridge boost lending levels by 14% in 12 months

NIIB and Northridge Finance (Northridge), the asset finance brands of Bank of Ireland UK, are pleased to announce another year of strong growth as a result of new relationships and greater market penetration.

Through these new relationships, NIIB and Northridge have been able to fund a broader range of deals, helping businesses and individuals to access funding, while strengthening the division’s position as the consistent alternative to the market leaders. This approach has led to a 14% increase in new business lending.

The asset finance subsidiaries continue to focus on delivering products which meet the specific requirements of the intermediaries it works with. The development of existing and addition of new field team numbers increasing the level of face–to-face interaction with both top dealer groups and smaller businesses. This is resulting in stronger relationships and a deeper understanding of clients’ specific needs.

We are making improvements to help our customers, these include; streamlining of vehicle delivery processes; acceleration of payment timescales; the elimination of paperwork via the computer-based eDoc365 application system; have all improved ease of access for intermediaries. These new systems also provide a more easily-accessible audit trail, which remains a vital tool in the current regulatory environment.

For the year ended 31 December 2014, these asset finance businesses, which operate across the UK, saw profits grow to £26 million, an increase of 10% on the prior year. This performance contributed to an increase in profits at Bank of Ireland UK, which announced its Annual Results for 2014, showing profit before tax rising from £61 million to £199 million.

The priority for the Bank’s asset finance teams is to build on its strong market positions in Scotland and Northern Ireland whilst driving major growth in market share in England and Wales.

James McGee, Managing Director of NIIB and Northridge Finance, believes greater market penetration through all intermediary relationships will position the business for continued growth at a time when motor trade bodies predict registrations to plateau.

“We set out with the intention of capitalising on profitable long term partnerships within the Motor and the Agri / Commercial broker markets.   Our broker unit now accounts for more than 20% of our new business.

“Our partners tell us the speed, efficiency and the service we provide makes all the difference. It’s vital we continue in this vein, maintaining a high standard of support and adding value to their businesses on a long term basis.”

About NIIB and Northridge Finance

NIIB was formed in Northern Ireland in 1956, and was acquired by Bank of Ireland in 1984. Northridge Finance, which forms part of NIIB’s asset finance portfolio, has been trading in Great Britain since 1999 and specialises in intermediary introduced finance providing both personal and commercial finance solely for the Great Britain Market, through Motor, Commercial and Agricultural intermediaries.

The business ensures competitive advantage through high quality relationships with a personalised service, working with the intermediary as a partner, through high speed of delivery and customer propositions to meet ever changing market needs through efficient IT systems.

NIIB/Northridge offers a comprehensive range of lending products and services for the dealer/intermediary market which can be used to best meet their individual customer requirements.