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Northridge Finance lending reaches £1.3 billion in 2019

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Belfast-based Northridge Finance increased its lending by 26% in 2019, to £1.3bn.

The Bank of Ireland subsidiary, which owns Marshall Leasing, reported underlying profit before taxation of £166 million for the twelve months ended 31 December 2019.

James McGee, managing director of Northridge Finance, said: “2019 was a fantastic year for the business. Yet again, we have seen excellent growth in a challenging market. Last year, we exceeded the £1billion lending milestone, a first for Northridge, so we are pleased with this continued upward trajectory.

“Looking forward to 2020, the business will continue to work closely with our partners to ensure we drive the best customer outcomes at motor point of Sale.”

In 2019, Northridge signed an exclusive agreement with SsangYong Motors UK to provide motor finance products to customers across its dealer network.

Marshall Leasing also experienced growth, with a 9% increase in its funded fleet, now standing at almost 9,000 vehicles.

Peter Cakebread, managing director of Marshall Leasing, added: “Marshall Leasing has had an excellent year. We have reached almost 9000 funded fleet vehicle milestone and our entry into the intermediary market is generating strong orders.

“Our shared outlook and goals are driving the businesses forward together and this is benefitting our customers through more products, better technology and a broader team of experienced professionals to deliver great service. We plan to go from strength to strength.”

Northridge also won the Best Independent Lender (bank owned) at the Car Finance Awards in June 2019.

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