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February 27, 2015updated 12 Apr 2017 3:54pm

Net lending grows in 2014 for Black Horse and Lex

Black Horse, the motor finance arm of Lloyds Bank, saw net lending grow 45% year-on-year to £6.8bn in 2014.

By Jonathan Minter

Black Horse, the motor finance arm of Lloyds Bank, saw net lending grow 45% year-on-year to £6.8bn in 2014.

The lender specifically highlighted new partnerships it had formed, including the partnership with Jaguar Land Rover, as driving the strong growth.

Black Horse also revealed it added 275,000 customers to its motor, bike and leisure business during 2014

The lending growth was faster than the overall growth in Lloyds’ consumer finance division, which was up 17% to £16.0bn for the same period. Total underlying profit for the division was £1,010m for the year, up 5%.

The consumer division also includes Lex Autolease, which saw its fleet size grow 7% ear-on-year in 2014 to 297,000 vehicles. Total customer assets increased year-on-year to £3.3bn.

Lex said it was targeting small and medium business’s, and has invested in a multi-channel advertising campaign titled ‘The Leasing Revoluion’ to grow in this area.

Tim Porter, managing director of Lex Autolease said: "As business confidence continues to grow and as our own research demonstrates updating company vehicles is a key investment priority for businesses, and we anticipate strong performance in 2015 in order to meet changing business demands."

The news came in Lloyds annual results. In these, the bank revealed its underlying profits for the year reached £7.56bn, up 26% year-on-year. Once factors such as PPI provisions, costs associated with the TSB separation and regulatory provisions had been taken in account, Lloyds made £1.499bn after tax, up from a loss of £802m in 2013.

Chris Sutton, managing director for Black Horse, said: "We continue to report strong growth and are proud of the progress we have made in 2014. Our progress has been driven by new business growth, meeting strong consumer demand for new and used cars, bikes and motorhomes, offering competitively priced finance and working closely with both motor manufacturers and our dealer community.

"We are determined to be the motor finance provider of choice for both motor dealers and the end consumer and we will continue to invest in new online and mobile technology to meet our customer needs."

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