The group made a strong start to the year with good growth in both lending and FUMA balances, the bank said in a statement. This was despite the conflict in the Middle East creating volatility in the equity markets as investors weighed up the potential impact on different regions and sectors.

In April, the business launched its first fund range. This milestone will provide an alternative more accessible investment vehicle for those clients with lower levels of funds, whilst still benefiting from the investment committee's tactical allocation and performance for both new and existing clients.

The group noted that due to the conservative levels of surplus liquidity, its financial performance could be affected by the base rate which determines the return the group can make on these surplus funds. Therefore, after the base rate reduction in December 2025 and in anticipation of further cuts in 2026, the group said it expected its good trading performance to be offset by lower revenues earned on the liquidity reserves.

Given the conflict in the Middle East that has now pushed up energy prices, which seem likely to become embedded in the supply chain, higher inflation would appear to be inevitable. Irrespective of how the Bank of England policy setters react to this, the downside risk appears to have receded for now.

Group loan balances grew 3 per cent in the first four months of the year to finish the period at £2,322 million with a return to growth across all of the group’s business segments, whilst maintaining its conservative credit appetite.

Deposits finished the period at £4,631 million, a 1 per cent growth in the four months since the year end and 9 per cent since the same period in the prior year. This was after the seasonal outflow of clients’ tax payments to HMRC in January.

The group also saw profits before tax reach £24.2 million for the full 2025 year, down from £35.1 million in 2024, as profitability was impacted by lower Bank of England base rates. Despite the drop in profit, the group saw significant business growth, including an 11 per cent rise in customer deposits to £4.57 billion.