Operations in Edinburgh and London help banks grow their deposits
The bank posted a pre-tax profit of £2m in 2022 after posting losses in the first seven years of operations.
In June 2015, Hampden & Co became the first new private bank to open in the UK in three decades.
Chairman Simon Miller said the bank has come of age in 2022 after building a very capable team and strong relationships with its loyal customers, professional partners and shareholders.
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The bank increased the number of customers by 11 percent to 4,700 in 2022.
Total deposits for the year were up 14% to £796m. Lending rose 6% to a record £448m.
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The bank said it has seen strong demand for its lending services, including residential mortgages, interest-only annuities and home construction, and investment portfolio lending.
It added: “Borrowing from introductions by professionals including wealth managers, solicitors, accountants and mortgage brokers rose 40 per cent to £135m.”
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Chief Executive Graeme Hartop said: “Hampden & Co has been built on solid foundations with a strong capital base and a conservative risk appetite and has continued to perform strongly through the first few months of 2023.
“Given the clear demand for personalized banking services, these fundamentals provide a secure base for future growth.”
Hampden & Co was founded in 2013 by Ray Entwistle, a former Chairman of Adam & Company, and received his banking license in 2014.
Mr. Hartop held senior positions at Adam & Company and Scottish Widows before joining Hampden & Co with offices in Edinburgh.
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Total revenue increased by 73% from £13.2m to £23m in 2022.
The bank lost £3m before tax in 2021.
In its 2021 annual report, Mr. Miller said the bank has benefited from the support of shareholders, who have always believed that building a private bank is a long-term endeavor.
https://www.heraldscotland.com/business_hq/23435258.edinburgh-london-operations-help-bank-grow-deposits/?ref=rss Operations in Edinburgh and London help banks grow their deposits