Hampden poised for full-year profit after H1 growth
UK private bank Hampden & Co is on track to report its first full year profit after reporting record interim results.
Total income for the six months to the end of June were up 47% to £8.8 million, while deposits grew 21% to £731m. Loans and advances were 14% higher at £434m.
Demand for its specialist mortgages and loans such as residential, retirement, buy-to-let, guarantor, multi-property and, most recently, self-build mortgages was most marked in London and the South East, accounting for around two-thirds of total lending in H1, while lending in Scotland also remained strong.
Lending for retirement mortgages, which allow clients in retirement to raise funds against the value of their principal property, saw growth of 80% versus H1 2021. The bank’s self-build mortgage product, launched just around a year ago, finished the period at £3.6m.
In addition, the bank’s portfolio lending service, which lets clients of wealth managers borrow against their investment portfolios, grew 40% year-on-year to £35m. Overall, lending introduced by advisers and intermediaries including mortgage brokers, wealth managers, solicitors and other professionals grew 30% to c. £100m.
Graeme Hartop, CEO, said: “Our continued and consistent growth for the first half of 2022 is testament to our relationship-driven approach with clients and the professional advisers that serve them.
“We continue to invest in growing the business and we are seeing the results of our long-term strategy in terms of client growth and reputation reflected in these very positive financials. Importantly, the bank is on track to report its first full-year profit in FY2022.”
Simon Miller, chairman, added: “The successful results can be attributed to the commitment of supportive shareholders, a talented management team and dedicated employees.”