Lloyds’ Asset Finance Business Grows 16%

The asset finance side of U.K. banking group Lloyds Bank increased its business 16% in the first quarter, according to the company’s interim report. The asset finance business, which includes Lex Autolease and the Black Horse consumer car finance arm, grew in part due to the new deal with Jaguar Land Rover, which began in January.

Exact figures for the various asset finance divisions were not disclosed, but in a statement Black Horse Managing Director Chris Sutton said: “In particular, we have seen robust motor finance growth, with an increase of 28% year-on-year through the Black Horse business. This increase is testament to the wider success currently being witnessed in the motor industry, with increased car sales and consumers feeling more confident about the overall U.K. economic recovery. We are determined to be the motor lender of choice right across the U.K.”

Overall the banking group reported a pre-tax profit of £1.4 million ($2.3 million) and returned £4.2 billion ($7.1 million) to the U.K. taxpayer during the first quarter.