Northridge Finance, the motor finance arm of Bank of Ireland UK grew its new business lending by 14% year-on-year for its financial year ending 31 December 2015.

As a result the total size of the loan book grew by 15%, while underlying profits grew from £20.8m, up from £20.1m the year before.

The company said the growth came from new long-term relationships which have allowed it to fund a broader range of deals and strengthen its position in the motor finance space.

James McGee, managing director of Northridge Finance said: "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."

The Bank of Ireland UK made £224m profit overall in 2015, up from £199 in 2014.

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By GlobalData