Scottish boutique bank Hampden & Co has posted record results for the first half of 2022 with total income up 47 per cent year-on-year to £8.8 million.

The Edinburgh-based bank also reported a 21% increase in deposits to £731m, while loans and advances rose by 14% to £434m. Demand for its specialist mortgages and loans – such as residential, retirement, buy-to-let, guarantor, multi-property, and self-build mortgages – was particularly strong in London and the south-east, accounting for approximately two-thirds of total lending in the first six months of the year.

Chief executive Graeme Hartop said the boutique bank, which was set up in 2013, is on track to deliver its first full year of profitability as it reaps the benefits of its long-term strategy.

“Our continued and consistent growth for the first half of 2022 is testament to our relationship-driven approach with clients and the professional advisers that serve them,” he added. “With some private banks moving away from traditional service models, our results show that clients still want and value having access to a named banker and a tailored proposition.”

READ MORE: Scottish bank Hampden & Co posts record income

Lending for retirement mortgages, which allow clients in retirement to raise funds against the value of their principal property, was up 80% on the same period a year earlier. Hampden’s newly-launched self-build mortgage product finished the period at £3.6m.

The portfolio lending service, which lets clients of wealth managers borrow against their investment portfolios, grew 40% year-on-year to £35m.

Overall, lending introduced by advisers and intermediaries grew 30% to £100 million.

Chairman Simon Miller added: “The successful results can be attributed to the commitment of supportive shareholders, a talented management team and dedicated employees who have built a highly rated, client-led bank.”