THE good news keeps on coming for Graeme Hartop, chief executive of Hampden & Co.
The joy which the one-time Scotland schoolboy rugby international may have felt after Gregor Townsend’s men defeated France on Saturday was followed by satisfaction this morning, when the private bank published its first-half results.
Edinburgh-based Hampden went from a £600,000 loss at the halfway point last year to a £5 million profit this time, against a backdrop of rapidly changing conditions in the mainstream banking sector.
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Of course, Hampden is no run-of-the-mill high street lender. The bank’s focus since Ray Entwistle first announced plans for the venture in 2013 has been to provide tailored banking solutions for wealthy customers in Edinburgh and London, and today it offered further evidence that its strategy is working.
The bank underlined growing demand for its services, as Mr Hartop suggested the institution was positioned well to “meet the needs of underserved high-net-worth customers of high street banks”.
Client demand was cited by Hampden as total income leapt by 74% to £15.3m.Total lending increased by 6% to £461m and deposits were up by the same percentage to £773m, as the bank illustrated the appeal of the bespoke solutions it provides to well-off individuals and families. Client numbers rose to more than 5,000.
“High-net-worth people are valuing having access to a banker, particularly if their finances are complex or if they have limited time,” a spokesperson for Hampden told The Herald.
“We have welcomed many new clients who are choosing to move from other banks as they were frustrated at a lack of personal service, having to wait in call centre queues, or at being directed online.”
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While the fortunes of the major high-street banks continue to ebb and flow amid the shifting macroeconomic conditions, the clarity of Hampden’s purpose – and the expertise of its seasoned banking team – is allowing it to thrive despite the chaotic backdrop.
Having delivered its first full-year profit in its relatively short history in April, when the bank announced a pre-tax profit of £2m for the year ended December 31, 2022, it would seem that Hampden is well on course to build on that during the remainder of 2023 and into the future.
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