Total deposits across current, call, notice and term accounts increased by 15.8% year-on-year to £895 million (H1 2023: £773m).

Total lending by the bank increased by 20.4% year-on-year to £555m (H1 2023: £461m), on the back of strong support from mortgage intermediaries and as interest rates stabilised.

Client numbers grew by 15.2% year-on-year on the back of referrals from professional advisers and introductions by existing clients.

The bank registered a pre-tax profit of £4.2m, compared to £5.1m in the first half of 2023, reflecting the higher cost of deposits as demand for term deposits continued. Total income for the first half of the year was £14.9m. Balance sheet assets reached £1 billion for the first time during the first half.

Graeme Hartop, Hampden & Co CEO, said: “Our results for the first half of 2024 reflect our reputation for personalised service and the value clients across the UK place on having a banker they can speak to.

“We continue to invest in the business, to add to and enhance the experience for clients. Apple Pay and Google Pay are recent additions and we will upgrade our digital banking service later in the year.”

In its results for 2023, the bank announced it was paying an inaugural dividend to shareholders as profit before tax reached £9.1m for the full year.

In May, the bank announced that Tracey Davidson will become CEO in October 2024 when Graeme Hartop steps down after eleven years in the role. Davidson will join from Handelsbanken UK where she was Deputy CEO.