Weatherbys hails record year
Private bank Weatherbys, which recently doubled the size of its Edinburgh office, has increased its pre-tax profits by 33 per cent from the previous year as client lending grew to record levels, climbing by 23 per cent to £475 million in the year to 31 December.
The 249 year-old lender attributed the performance to a “customer centric, service-led approach”.
The bank said new lending was particularly strong with a 23 per cent increase and client numbers continuing to grow.
Insurance business, Weatherbys Hamilton, attracted extensive media coverage through its Stayers’ Million initiative and earlier this year launched a new bespoke farms and estates policy in conjunction with Aviva, the UK’s largest insurers.
Arkle Finance, the asset finance subsidiary, continued to build its portfolio to over £100 million, lending to over 4,000 small businesses across the UK.
And Racing Bank also flourished, endorsed by findings from a recent survey of their client base which showed 86 per cent customer satisfaction.
The figures confirm that the Group is continuing to deliver against its objective, which is to grow steadily from strong foundations over the long term.
- Pre-tax profits increased 33 per cent to £7.6m (2017: £5.7m)
- Total assets of the Group increased by 16 per cent to £878 million (2017: £759 million)
- Client lending has continued to grow to record levels having increased by 23 per cent to £475 million (2017: £388 million), with a loan-to-deposit ratio of 58 per cent (2017: 55 per cent).
- Net interest income increased by £4.1 million to £23.9 million (up 21 per cent), reflecting the increase in lending activity.
- Client deposit balances reached £816 million, a 15 per cent increase during the year (2017: £709 million).
CEO Roger Weatherby, said: “Being independent and not part of a banking conglomerate, we are able to maintain our exceptional levels of personal service which has resulted in strong growth.
“When we conducted some extensive research last year amongst our clients and clients of other banks the findings confirmed that overall it’s the service that they value the very most; first and foremost they want to be treated as individuals and that means being highly flexible and responsive to each client.
“Together with our conservative approach to credit risk, including counterparty risk, we are well placed to prosper and continue to provide an exceptional service to all our clients.”