Auto finance company Northridge reports five-fold increase in pre-tax profits in 2021

Car finance company Northridge, which is owned by the Bank of Ireland, quintupled its pre-tax profits in 2021.

The Belfast-based company said pre-tax profits rose from £11m to £52m.

Total operating income increased from £52m to £62m over the year. The company said the increase was mainly due to an £8million dividend from Marshall Leasing, which was taken over by Northridge in 2017.

Shareholders’ funds also rose from £34m to £43m, with Northridge paying a £40m dividend to parent company Bank of Ireland (UK) plc.

Northridge chief executive James McGee said: “It was a strong performance in a difficult environment following the Covid-19 pandemic.

“We have continued to invest in significant digital enhancements to automating our loan decisions and the use of e-signature documentation, both in the showroom and remotely, and these have been well received in the car dealership market.

“We have also introduced new products, such as a personal purchase agreement (PCP) for used electric vehicles which aims to make used electric vehicles more affordable and grow the used car market. “green”.

“With more new products and digital enhancements planned, including middle-of-the-road and customer self-service capabilities, Northridge remains a strong, dynamic, partner-focused company with innovation and an excellent reputation for customer service. heart of its future and we will focus on continuing to improve service and invest in new technologies so that we can serve our customers with flying colors.

Northridge has won the title of Best Independent (Bank Owned) Lender in the 2022 Annual Auto Finance Awards.

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