UK Boutique Bank Reports Sharp Income Rise For 2021

Editorial Staff

21 April 2022

UK private bank , based in Edinburgh, has reported a 39 per cent surge in clients’ deposits to £696 million ($906.8 million) in the year to end-2021, while loans and advices have risen 29 per cent to £422 million on a year before.

Total income for the year rose by 29 per cent to £13.2 million, the highest level since the bank was launched in 2015, it said in a statement yesterday.

The lender said demand for its services was most marked in London and the South East, accounting for around two thirds of total lending. The bank’s traditional Scottish markets also registered strong client and lending growth. In addition, lending via referrals from mortgage intermediaries rose by over 38 per cent, it said.

“The bank performed well in 2021 and demonstrated agility and resilience to help clients face the challenges of the pandemic. The rise in interest rates from the historic lows of the last few years will help us to achieve profitable scale. We see signs of further rates increases in 2022 in response to inflationary pressure,” Graeme Hartop, CEO, Hampden & Co, said.

Among recent hires, Hampden & Co has appointed Colin Tate as chief operating officer, arriving from Sainsbury’s Bank; Ryan Beattie has joined as a banking director from Adam & Company; former Goldman Sachs director Caroline Taylor has been appointed to the board as non-executive director and chair of the remuneration committee, and Noble & Co CEO Angus Macpherson has joined the board as a NED.

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Hartop told WealthBriefing in a call: "The bank recently carried out a client survey and it concluded with a net promotor score of 73 – which is high," he said. “We were delighted to see that."

“We focus purely on banking. It is about providing an exceptional private banking service and we work with external providers for certain services," he said. Unlike many private banks who provide lots of wealth and investment advice, Hampden focuses on its clients’ borrowing and deposit needs.

Hampden’s clients, which are mainly domestic UK-based, range from wealthy families through to younger professionals on their way to becoming HNW persons, he said. “The growth will continue on the trajectory we have seen. We are breaking into profitability now and we are developing the careers of younger bankers," Hartop added.

Hampden & Co also has an office in Dover Street, London.