- Pre-tax profits increased from £52 million to £57 million
- Total operating income increased by 25% to £78 million
- Shareholder funds increased from £43 million to £79 million
Northridge, a wholly owned subsidiary of Bank of Ireland (UK) plc, has reported profit before taxation of £57 million for the twelve months ended 31 December 2022, an increase of £5 million from 2021.
Total operating income increased by 25% to £78 million, driven by an increase in new lending to £1.1 billion, a 30% increase on 2021.
The results come as Northridge Finance marks a key milestone in its acquisition of the Marshall Leasing fleet contract hire business, with the business fully amalgamated in 2022.
Reflecting the growing interest in hybrid and electric vehicles, over 30% of orders in the Northridge and Marshall Leasing’s fleet division in the last 12 months were alternative fuel vehicles, with used car alternative fuel sales also growing as a wider range of vehicles become available in the market.
James McGee, Managing Director, Northridge Finance said: “We’re pleased to report a strong set of results for 2022. The investment in our digital platforms has enabled intermediaries and customers to self-serve which has improved our business efficiency and provided real-time benefits for customers.
“We have seen continued growth across the fleet division and we have plans to further enhance our offer in the years ahead, including the introduction of a salary sacrifice contract hire product.
“Innovation and a focus on our reputation for excellent service are core elements of our strategy along with our focus on continuous improvement and investing in new technology so we can serve our customers brilliantly and remain a strong, dynamic and partner-driven business”.
Northridge Finance was recently awarded “Company Award for Business Transformation” at the 2023 Credit Strategy Car Finance Awards. The award recognised the ongoing digital enhancements at Northridge Finance, including intermediary proposal and customer self-service app capabilities which have improved approval times for finance requests and enabled customers to update their details and view key information at the times that best suit them. The business was also recently awarded a 2022 ‘Fast Payer Award’ from Good Business Pays in recognition of its prompt payment services.
Photo Caption: Pictured is James McGee, Managing Director, Northridge Finance.