Lloyds Banking Group’s annual figures have shown its asset finance division, which includes Autolease, has taken a £57m hit thanks in part to the leasing firm’s falling RVs.

The asset finance division put the £57m hit down to “exceptional” residual value losses on all forms of assets, caused by deteriorating economic conditions. An increase in the list prices of the vehicles on its fleet is another of the factors blamed.

Despite the loss, the rest of the Autolease business, the UK’s second biggest leasing company, showed an improvement in income, thanks to “tight cost management and discipline”.

The blow to RVs comes two days after van rental giant Northgate revealed it has taken a £60m hit on the residual values of its fleet.