UK private bank Hampden this week announced its annual results for 2022. 

Despite the difficult market conditions, Hampden delivered its first full year profit in 2022, driven by strong income growth and client service, it said yesterday. 

Total income for the year was £23 million ($29 million), up 73 per cent year-on-year, with the bank posting a pre-tax profit of £2 million. Post-tax, reflecting a deferred tax credit, profit reached £6.9 million, the bank said in a statement.

Total deposits for the year rose 14 per cent to £796 million. Lending increased 6 per cent to a record £448 million, the firm continued.

The bank saw strong demand for its lending services, including residential, retirement interest-only and self-build mortgages and investment portfolio lending. Borrowing through introductions from professionals, including wealth managers, solicitors, accountants, and mortgage introducers, increased 40 per cent to £135 million, the firm said.

The bank attracted high-quality clients with the number up by 11 per cent to 4,700 in 2022. It strengthened its team with new bankers joining to support the growing number of clients and professional partners. With client retention rates remaining high and a conservative balance sheet, it said it has been unaffected during the recent banking market volatility.

Graeme Hartop (pictured), CEO said: “Hampden has been built on solid foundations with a strong capital base and conservative risk appetite and has continued to perform strongly in the first few months of 2023. These foundations will provide a secure base for future growth given the clear demand for personalised banking services.”