Private bank grows
‘Agile’ Hampden & Co posts narrowed losses
Graeme Hartop: new clients
Private bank Hampden & Co has reported strong growth in revenue, deposits and loans, though it continues to report a loss.
The Edinburgh bank’s losses for the year stood at £4.1m, down from £5.5m in the previous year.
Total income for the year to 31 December 2020 increased 18% to £10.2 million (2019: £8.7m).
During the year the bank raised an additional £10m from shareholders to support continued balance sheet growth, ongoing costs and regulatory requirements.
Investors in the bank include Xcel Catalin, Drake Enterprises, as well as Standard Life Aberdeen small-cap star Harry Nimmo.
Deposits were up 22% to £501.2m (2019: £409.4m), and loans and advances 60% to £326.3m (2019: £203.8m).
Chief executive Graeme Hartop said: “So far in 2021, we have received high levels of interest from prospective clients following the announcement of changes at Adam & Co. Great credit is due to our team following a challenging year for everyone.”
Chairman Simon Miller added: “The bank responded well to the Covid-19 pandemic and the results demonstrate that the business performed with agility and resilience.”
The bank continued to hire during the year to support new business from clients, with appointments to the banking, commercial and administrative teams in Edinburgh and London. Key appointments were also made to the board.
The bank launched new services, including multi-part lending, an interest-only retirement mortgage and loans against pension investments. More recently, the bank has launched a self-build mortgage for clients seeking to build their own home.