Mobile app on way
Hampden & Co sees sharp growth in second year
Graeme Hartop: ‘capital raising was over-subscribed’
Private bank Hampden & Co reported saw income and its loan book rise substantially in its second full year of trading.
While revenue increased 138% to £3.9m,overall losses increased by 1.6%, offset by increases in costs of 30% to £10.3m. Loans grew by 96% to £94.2m and deposits by 35% to £194.6m.
Graeme Hartop, CEO, said: “I am delighted to be reporting such strong growth figures, which have been driven from both our London and our Edinburgh offices.”
Hampden & Co, which launched in 2015, does not offer services that compete with other professional advisers such as wealth managers.
Regarding the increased loss, Mr Hartop added: “These losses are entirely in accordance with our business plan, and are to be expected by a new bank.
“The fact that our recent capital raising was over-subscribed demonstrates the justified confidence that our shareholders have in the long term prospects for the bank.
“Clearly as the bank grows we need to invest in new people and new services. We recently announced the opening of second premises in Edinburgh, and we continue to hire top talent into the banking team and across the business.
“We are shortly going to be launching a mobile banking solution as a demonstration of how our traditional banking values are complemented by appropriate technology.”
Chairman Ray Entwistle said: “The bank has continued to progress very well and is in excellent shape. Whilst I am delighted with our financial results, it is the ongoing feedback I receive from our clients that is particularly pleasing, and shows we are growing from strong foundations.
“The fact that our clients have been introducing younger generations from their families to us, has also been well received. It is rewarding to see younger people becoming part of Hampden & Co, something we visualised from the inception.”