Hampden & Co reports strong growth in revenue, deposits and loans in annual results
Edinburgh-based bank Hampden & Co has reported strong growth in revenue, deposits and loans following what the UK private bank describes as “growing demand from clients for accessible, flexible banking expertise”.
Total income for the year to 31st December 2020 increased 18% to £10.2 million (2019: £8.7m), with deposits up 22% to £501.2m (2019: £409.4m), and loans and advances up 60% to £326.3m (2019: £203.8m).
Graeme Hartop, Hampden & Co CEO, said: “Our focus on delivering a personalised banking service helped our existing clients to navigate the impact of the pandemic and we attracted many new clients by being accessible, particularly as some mainstream banks declined new accounts and directed clients online or to call centres.
“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.”
Simon Miller, chairman, Hampden & Co, added: “The bank responded well to the COVID-19 pandemic and the results demonstrate that the business performed with agility and resilience. Hampden & Co has become one of the most highly-rated players in the UK private banking sector.”
Other financial highlights during 2020 included Hampden & Co raising an additional £10m from shareholders to support continued balance sheet growth, ongoing costs and regulatory requirements.
The bank has 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 - former Virgin Money CFO Finlay Williamson joined as chair of the audit committee, Scottish Friendly and Fidelity Life Insurance chairman David Huntley joined as chair of the risk committee, and former senior Goldman Sachs executive Caroline Taylor joined as chair of the bank’s remuneration committee.
The bank also launched new services for clients during the year 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.
Looking ahead to the rest of the year, Graeme Hartop added: “We are seeing high demand for our unique approach to private banking. As a consequence, we are keen to recruit talent with the capability to develop as our business continues its strong growth trajectory.”