Hampden & Co posts first full-year profit
Graeme Hartop: solid foundations
Private bank Hampden & Co has delivered a first full year profit, driven by strong income growth.
Total income for the year was £23 million, up 73% year-on-year, with the bank posting a pre-tax profit of £2m.
Total deposits for the year rose 14% to £796m. Lending increased 6% to a record £448m.
The Edinburgh-based bank, which opened to clients in 2015, said borrowing through introductions from professionals, including wealth managers, solicitors, accountants, and mortgage introducers increased 40% to £135m. Client numbers rose by 11% to 4,700 in 2022.
The bank further strengthened its team with new bankers joining to support the growing number of clients and professional partners. With client retention rates remaining high and a conservative balance sheet, it has been unaffected during the recent banking market volatility.
Graeme Hartop, CEO said: “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.”
Simon Miller, chairman, said: “The bank had a very successful 2022, achieving its first full year profit and it has come of age. This is the result of building strong relationships with our loyal clients, professional partners, shareholders, and of course the efforts of our very capable team.”