NIIB and Northridge Finance (Northridge), the asset finance brands of Bank of Ireland UK, have seen 14% increase in new business lending and profits rise 10% to £26m (35.6m), according to a press release.
This performance contributed to an increase in profits at Bank of Ireland UK, said a statement to the press, which announced its annual results for 2014, showing profit before tax rising from £61 million to £199 million.
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The bank said its asset finance teams would foucs on building its strong market positions in Scotland and Northern Ireland whilst driving major growth in market share in England and Wales.
James McGee, managing director of NIIB and Northridge Finance, said: "We set out with the intention of capitalising on profitable long term partnerships within the Motor and the Agri/Commercial broker markets. Our broker unit now accounts for more than 20% of our new business.
"Our partners tell us the speed, efficiency and the service we provide makes all the difference. It’s vital we continue in this vein, maintaining a high standard of support and adding value to their businesses on a long term basis."
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