Black Horse, the motor finance arm of Lloyds Banking Group, has reported a 33% year-on-year increase in net lending for the first half of 2015 to £8bn.
The number was also up 18% from 31 December 2014, which the lender credited to strong levels of new business.
Go deeper with GlobalData
Over the course of the first half of 2015, Black Horse added 155,000 new customers to its book.
Richard Jones, managing director of Black Horse, said: "We are very proud of these results, delivered during a period of substantial change for the market. Our progress has been driven by new business growth and working hard with dealers and manufacturers to offer competitively-priced and transparent finance offers for consumers. A significant digital investment drive also ensures that we meet changing dealer and customers’ needs in an efficient and secure manner.
Jones was appointed as the new managing director at Black Horse in May, following Chris Sutton’s decision to retire after a 28 year career at Lloyds Banking Group.
"The last 18 months have also seen substantial changes in the way point-of-sale finance is regulated and we have worked hard to put the right processes in place and ensure our dealers have the appropriate information and guidance to implement these changes. We will not be complacent in our ambition to be the leading motor finance provider of choice, offering value-for-money products and services that enable UK motor, bike and leisure dealers to provide a great overall proposition to customers," concluded Jones.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataLex results
Lex Autolease, the fleet arm of Lloyds, also posted positive results for the period. Over the first six months of 2015, it grew its fleet size by 6,500, to over 300,000 vehicles.
This represented a year-on-year growth of 6%.
The business delivered more than 37,500 cars and 10,500 commercial vehicles to its customers during the first half of 2015. It also added 8000
new customers in the first half of 2015 with a record number of new small and medium sized business customer wins.
In the first six months of 2015, its operating lease assets increased by three per cent to £3.2bn from £3.1bn.
In July Tim Porter, managing director of Lex, told Motor Finance, that the company planned to increase the size of its fleet to 327,000 by the end of 2015.
