"Growth in the U.K. economy is now filtering into financial services, although turning that into profitable growth remains a challenge," said Chris Price, EY U.K. head of financial services, in an ITEM Club report out on Monday.
"Banks are poised to resume lending growth, and asset managers and insurers both foresee strong revenue growth."
This forecast uptick in bank lending follows six years of contraction after the economic crisis of 2007/08. In the six years to 2014, corporate borrowing fell by 31 percent, or £181 billion ($272 billion), according to the ITEM Club.
"While there is little doubt that traditional bank lending will find its feet again, it looks like the recent lending drought has permanently changed borrowing behavior. The challenge for banks now will be regaining market share from the alternative finance providers who have successfully plugged the gap for the last six years," said Price.
In what may provide a further spur to the U.K., bank lending is also on the rise in the euro zone, albeit slowly.
Read MoreECB's Liikanen: Lending to Greek banks in jeopardy
Loans to the private sector, adjusted for sales and securitization, ticked up by an annual 0.1 percent in December—the first growth seen since 2012, according to the European Central Bank. Some 11 billion euros ($12 billion) was lent to non-financial corporations—the strongest figure in many years.