Lloyds TSB Asset Finance gained an increase in profit before tax
of 52 per cent to £35m for half year 2008, up from £23m in the
first half of 2007. Despite the economic slowdown the division’s
operating expenses increased by just 4 per cent to £227m and the
impairment charges only increased by only £1m to £112m over the
same period.
Despite impairments and expenses, Lloyds Asset Finance still
recorded a total income increase of 6 per cent (£21m) to £374m,
which was due to good income growth, improved efficiency and
collections procedures, lower staff numbers, lower balances
outstanding and tightened credit control.
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The contract hire business, Autolease, also performed well by
“continuing to leverage its strong market position and efficient
operation”, the interim statement said.
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