EDINBURGH-based private bank Hampden & Co has posted its first annual profit after enjoying growth on a range of key measures.
The bank made £2 million profit before tax in 2022 after posting losses for each of the first seven years of its operations.
In June 2015 Hampden & Co became the first new private bank to open for business in the UK for three decades.
Chairman Simon Miller said the bank had come of age during 2022 after building a very capable team and strong relationships with its loyal clients, professional partners and shareholders.
READ MORE: Edinburgh and Dundee in line for steel jobs amid floating windfarm boom
The bank increased client numbers by 11 per cent, to 4,700, during 2022.
It said total deposits for the year rose 14%, to £796m. Lending increased by 6%, to a record £448m.
🔔 Get unlimited access to The Herald with a subscription – save over 20% annually and receive a free gift box
👉 Click here to sign up for this offer
The bank said it saw strong demand for its lending services, including residential, retirement interest-only, and self-build mortgages, and investment portfolio lending.
It added: “Borrowing through introductions from professionals, including wealth managers, solicitors, accountants, and mortgage introducers increased 40 per cent to £135 million.”
READ MORE: Edinburgh wave energy pioneer makes progress
Chief executive Graeme Hartop said: “Hampden & Co has been built on solid foundations with a strong capital base and conservative risk appetite, and has continued to perform strongly in the first few months of 2023.
“These foundations will provide a secure base for future growth given the clear demand for personalised banking services.”
Hampden & Co was founded in 2013 by Ray Entwistle, a former chairman of Adam & Company, and obtained its banking licence in 2014.
Mr Hartop held senior roles at Adam & Company and Scottish Widows before joining Hampden & Co, which has offices in Edinburgh.
READ MORE: Pensions experts pose tough questions for Scottish fund managers
Total income increased by 73% in 2022, to £23m, from £13.2m.
The bank lost £3m before tax in 2021.
In its annual report for 2021, Mr Miller said the bank had benefited from the support of shareholders who had always taken the view that building a private bank was a long-term exercise.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel