Total asset finance new business grew by 106% in May 2021 compared with the same month in 2020, new figures released by the Finance & Leasing Association (FLA) show.
In the first five months of 2021, new business was 26% higher than in the same period in 2020.
The commercial vehicle finance sector reported new business up by 126% in May compared with the same month in 2020.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The broad-based recovery in the asset finance market continued in May as businesses have become more optimistic of a strong economic recovery.
“The significant growth rates reported in April and May reflect the impact on new business levels of restrictions to deal with Covid-19 during the first lockdown and we expect these to moderate in the coming months. Nevertheless, the industry is on track to return to pre-pandemic levels of new business during the course of this year.”