The asset finance side of UK banking group Lloyds Bank has increased its business by 16% in the first quarter of 2013 according to the company’s interim report.
The asset finance business, which includes Lex Autolease and the Black Horse consumer car finance, grew in part due to the new deal with Jaguar Land Rover.
Exact figures for the various asset finance divisions were not disclosed but in a statement Chris Sutton, managing director of Black Horse, said: "In particular we have seen robust motor finance growth with an increase of 28% year on year through the Black Horse business.
"This increase is testament to the wider success currently being witnessed in the motor industry with increased car sales and consumers feeling more confident about the overall UK economic recovery. We are determined to be the motor lender of choice right across the UK and by providing excellent products and services, we are helping Britain prosper."
Overall the banking group reported a pre-tax profit of £1.37m and post tax profit of £1.16mn and returned £4.2bn to the UK taxpayer during the first quarter.