While the UK banking sector continues to experience change, the firm believes that it is well positioned to increase market share in the private banking sector and to meet the needs of underserved high net worth customers of high street banks.

Hampden & Co, the UK lender, has announced that its revenue for the first half of 2023 was up 74 per cent year-on-year rising to £15.3 million ($19.5 million), with a pre-tax profit of £5 million.

Total lending increased 6 per cent year-on-year to £461 million and total deposits rose 6 per cent reaching £773 million, the bank said in a statement. 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 per cent year-on-year, with notice deposits up 96 per cent.

Lending growth was particularly strong for the bank’s retirement mortgage which was up 10 per cent in the first half of the year and up 39 per cent year-on-year, the bank continued. Retirement mortgages allow people to raise funds against their principal property for a range of purposes, including managing estate planning in relation to inheritance tax liabilities.

The bank also saw an 8 per cent increase in client numbers during 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 per cent, as it continued to capitalise on demand for personalised banking services.

To continue meeting demand and catering for client growth, the bank said it bolstered its team in the first half of 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.

“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,” Graeme Hartop, CEO, Hampden & Co, said.

“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,” he added.