Hampden & Co sees strong growth in first half
Graeme Hartop: ‘extraordinary circumstances’
Hampden & Co, the Edinburgh-based private bank, has announced continued strong growth in lending and deposits in the first half of 2020.
Despite the headwinds of Covid-19, the lockdown and the reduction of UK base rates to historic lows, the bank grew its deposits by 24% to £82 million and lending by 61% to £94m.
This translated to income growth of 16% compared to the same period last year.
The first half of 2020 saw the bank transition rapidly to remote working during Covid-19 lockdown, remaining fully open for business.
The bank completed a £7m capital raise in accordance with its capital plan, Simon Miller took over from Alex Hammond-Chambers as chairman at the AGM in May, and the banking and management teams in Edinburgh and London were further strengthened by a series of appointments.
A dedicated business unit supporting mortgage intermediaries in the high net worth sector was launched during the first half and the bank is set to expand its range of mortgage services later this month.
The second part of the planned 2020 capital raise will take place in the fourth quarter to support balance sheet growth, with all shareholders having the opportunity to invest on terms expected to be similar to the earlier capital raise.
CEO, Graeme Hartop, said: “The extraordinary circumstances of the last few months have been challenging for all of us, but I’m very pleased with the way we have supported our clients in this environment, with our expert team working closely with clients to mitigate the economic impact and to help them navigate difficult times.
“Our systems and processes have allowed us to operate effectively throughout lockdown, at a time when many banks have been forced to reduce their levels of service. We continue to strengthen our banking teams in Edinburgh and London to keep pace with our growth.”
Mr Hartop added: “We will shortly be launching a retirement mortgage product designed to give our older clients greater flexibility for their borrowing needs.”
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