Private bank Hampden & Co posted its first full-year profit with a £2m pre-tax profit in 2022, moving from a £3m loss a year ago, reporting “strong demand” for its residential, retirement interest-only, self-build mortgages and investment portfolio lending.
Its loan book rose 6% to a record £448m, while deposits increased 14% to £796m.
The lender, which has offices in London and Edinburgh, adds that borrowing, which came through introductions from professionals, including wealth managers, solicitors, accountants, and mortgage introducers, lifted 40% to £135m.
The firm, which opened for business in 2015, says its strong client retention rates and “conservative balance sheet [mean] it has been unaffected during the recent banking market volatility”, which has seen interest rates and inflation rise for more than a year to currently stand at 4.25% and 10.4%, respectively.
Client numbers grew 11% to 4,700 over the period.
Hampden & Co chief executive Graeme Hartop says: “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.”
