Edinburgh and London-based private bank Hampden Bank announced that its total deposits across current, call, notice and term accounts increased 16% in 2024 to £991 million.

Total lending increased 20% in 2024 to £586 million.

The bank’s number of clients reached 6,000, supported by introductions from clients and professional advisers.

The bank registered a pre-tax profit of £8.2 million, down from £9.1 million in 2024 “reflecting the higher cost of deposits and continued investment in people and technology.”

The bank relaunched its digital banking app in November 2024.

The board has proposed a dividend to shareholders of 3.2p per share, doubling last year’s inaugural dividend.

Hampden Bank has relocated its Edinburgh headquarters from 9 Charlotte Square, where it opened in 2015, to a newly developed double-townhouse office at 20 and 21 Charlotte Square, the iconic square that is part of the city’s financial district.

The bank said it will also move to larger offices in London over the summer. It also announced that it will expand its footprint, serving the North and Midlands from a new Manchester base this year.

Tracey Davidson, who joined the bank as CEO in October 2024, said: “These results and our plans for future growth are evidence of strong demand for personalised banking, delivered with exceptional service.

“As we celebrate our tenth anniversary in 2025, we are excited to welcome clients to our new offices in Edinburgh and London, and to build relationships with clients and professional partners in the North and Midlands from a new Manchester base.”

Further, chair Simon Miller has announced that he will retire from the board of Hampden Bank in August 2025. Having previously helped to found the bank in 2010, Simon was appointed chair in May 2020.

David Huntley, a non-executive director since 2020, has been chosen as the next chair, subject to regulatory approval.

Miller said: “I have thoroughly enjoyed my term as chair of Hampden Bank. I welcome the board’s appointment of David Huntley as my successor, subject to regulatory approval.

“David joined the board not long after me as chair of the risk committee. He is a trained actuary and draws on a distinguished executive, board and consultancy career, latterly as chair of Scottish Friendly. He has a deep knowledge of the Bank, its culture and ethos. I leave the bank in good hands as it prepares for its next phase of growth.”