Black Horse, the motor finance arm of Lloyds Bank, saw net lending grow 45% year-on-year to £6.8bn in 2014.

The lender specifically highlighted new partnerships it had formed, including the partnership with Jaguar Land Rover, as driving the strong growth.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Black Horse also revealed it added 275,000 customers to its motor, bike and leisure business during 2014

The lending growth was faster than the overall growth in Lloyds’ consumer finance division, which was up 17% to £16.0bn for the same period. Total underlying profit for the division was £1,010m for the year, up 5%.

The consumer division also includes Lex Autolease, which saw its fleet size grow 7% ear-on-year in 2014 to 297,000 vehicles. Total customer assets increased year-on-year to £3.3bn.

Lex said it was targeting small and medium business’s, and has invested in a multi-channel advertising campaign titled ‘The Leasing Revoluion’ to grow in this area.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Tim Porter, managing director of Lex Autolease said: "As business confidence continues to grow and as our own research demonstrates updating company vehicles is a key investment priority for businesses, and we anticipate strong performance in 2015 in order to meet changing business demands."

The news came in Lloyds annual results. In these, the bank revealed its underlying profits for the year reached £7.56bn, up 26% year-on-year. Once factors such as PPI provisions, costs associated with the TSB separation and regulatory provisions had been taken in account, Lloyds made £1.499bn after tax, up from a loss of £802m in 2013.

Chris Sutton, managing director for Black Horse, said: "We continue to report strong growth and are proud of the progress we have made in 2014. Our progress has been driven by new business growth, meeting strong consumer demand for new and used cars, bikes and motorhomes, offering competitively priced finance and working closely with both motor manufacturers and our dealer community.

"We are determined to be the motor finance provider of choice for both motor dealers and the end consumer and we will continue to invest in new online and mobile technology to meet our customer needs."