BANK of Ireland's motor finance subsidiary Northridge secured its position among the north’s most profitable businesses after recording another annual jump in profits.
The finance firm, which is based at Bank of Ireland’s Belfast headquarters, recorded a pre-tax profit of £57.4 million for the year ending December 31 2022.
That was £5m more than 2022 and £23.4m more than Northridge Finance’s last full year of trading prior to the Covid-19 pandemic.
The latest accounts published by Companies House show the car finance operation recorded a 26 per cent rise in its income to £78.1m for 2022, almost £10m more than in 2021.
Costs did increase last year, albeit at a lesser rate, rising by £8m to £27.6m.
New lending soared by 30 per cent to £1.1 billion in 2022. Total loans to customers stood at £2bn for 2022.
Shareholder funds increased from £43m to £79m.
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Northridge said 2022 marked a milestone for the finance firm, with the Marshall Leasing fleet contract hire business fully amalgamated into its business.
The Bank of Ireland subsidiary acquired the Cambridgeshire firm in 2017.
Northridge said its income in 2022 was bolstered with £13m of income from Marshall’s books.
The firm’s managing director, James McGee, said: “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.”