Strong growth for Bank of Ireland UK’s asset finance business

Northridge Finance boosts growth of 15% in 12 months

2015 marks five consecutive years of growth for the core business

Northridge Finance, the asset finance arm of Bank of Ireland UK, is pleased to announce another year of strong growth as a result of new relationships and greater market penetration. For the year ended 31 December 2015, underlying core profits grew to £20.8 million¹, up from £20.1 million in 2014.

Through new and long-term relationships, Northridge has been able to fund a broader range of deals, helping businesses and individuals access finance, while strengthening its position as the consistent alternative to the market leaders.

Northridge reports a 14% increase in new business lending and book growth of 15%.

Northridge continues to focus on delivering products which meet the specific requirements of intermediaries and building long term relationships. The company has increased its field team and upped the level of face-to-face interaction with both top dealer groups and smaller businesses.

James McGee, Managing Director of Northridge Finance, believes that on the back of five consecutive year’s growth the business is well positioned to build on its strong market positions in Scotland and Northern Ireland whilst driving major growth in market share in England and Wales.

“Northridge has a very clear proposition which is focused on excellent service, competitive pricing and product evolution to meet the customer needs. We introduced PCP just three years ago and have seen significant growth in 2015 with volumes and cases more than doubling over the year. We have recently introduced 48 month funding across most brands which improves the term options available to customers and puts us in a strong position for growth in 2016.”

“During 2016 we will continue to innovate and ensure that customer outcomes are at the heart of our processes. We believe that focusing on customer requirements presents further opportunities for the intermediary industry to promote a professional and transparent image.”

Northridge has continued to invest in improvements to help their intermediary customers. During 2015, Northridge saw the roll-out of E documents (eDoc365) across the Motor Point of Sale network which has enabled faster payments and a smoother customer journey with less paper.  Northridge also launched the Go365 app which helps motor dealers keep track of cases while on the forecourt.

Northridge Finance won Best Finance Product for its Joint Venture risk/reward sharing product at the 2015 Motor Finance Europe Awards in Munich.

Bank of Ireland UK plc has announced profits before tax for the year ended 31 December 2015 of £224 million² (2014: £199 million³).

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Notes to editors

¹The profit figures quoted relate to Northridge Finance’s core asset finance business and exclude exceptional items and profits from its product manufacturing operation.

2 Bank of Ireland UK plc 2015 results include a profit on the disposal of business activities of £41 million.

³ Bank of Ireland UK plc profit before taxation in 2014 includes £30 million from the Parent, Bank of Ireland Group, as part of the agreed transfer pricing methodology.  No such income was received in 2015.

About Northridge Finance

Northridge Finance is the trading name of NIIB which was formed in Northern Ireland in 1956, and was acquired by Bank of Ireland in 1984. An asset finance business, it has been trading in Great Britain since 1999 and specialises in intermediary introduced and direct finance to personal and commercial Motor, Commercial and Agricultural customers.

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.

Northridge offers a comprehensive range of lending products and services for the dealer / intermediary and direct markets to best meet individual customer requirements.

Northridge Finance, part of Bank of Ireland UK, specialises in intermediary introduced and direct asset finance to personal and commercial Motor, Commercial and Agricultural customers in NI and GB.