Edinburgh and London-based private bank Hampden & Co has reported “strong” growth in client numbers over the first half of 2023 as it continued to capitalise on the demand for personalised banking services.
The private bank said it saw an 8% increase in clients across the first six months, ending the period at more than 5,000 “with a sharp rise in referrals from professional partners.”
Year-on-year since H1 2022, client numbers were up 13%.
In a sign of continued demand for tailored banking from high-net-worth individuals and families, total lending by the bank increased 6% year-on-year to £461 million.
Total deposits also rose 6% year-on-year to £773 million.
Client demand helped increase total income in H1 2023 to £15.5 million, up 74% year-on-year, with the bank registering a pre-tax profit of £5 million for the first half of 2023.
Lending growth was particularly strong for the bank’s retirement mortgage business, which was up 10% in the first half of the year and up 39% year-on-year.
“Retirement mortgages allow people to raise funds against their principal property for a range of purposes, including to manage estate planning in relation to inheritance tax liabilities,” said Hampden & Co.
“In terms of deposits, clients continued to reallocate cash from current and call accounts into notice and term accounts to benefit from rising interest rates. Term deposits were up 44 percent year-on-year, with notice deposits up 96 percent.
“To continue to meet demand and cater for client growth, Hampden & Co further strengthened its team in H1 2023.
“Patrick Preece and John Glanville joined as Banking Directors based in the London office while Mark Plummer joined as the new Head of Private Banking in London.”
Hampden & Co CEO Graeme Hartop said: “The UK banking sector continues to experience change and we believe we are very well positioned to increase market share in the private banking sector as well as to meet the needs of underserved high-net-worth customers of High Street banks.
“It is particularly pleasing to see a high number of referrals from other professionals such as wealth managers, solicitors and accountants, as such partnerships are of significant benefit to our mutual clients.”