Hampden Bank has reported another year of strong financial performance in 2024, with solid growth across deposits, lending, and client numbers, alongside a leadership transition and expansion into new markets.
In its 2024 annual results, Hampden Bank informed strong growth in deposits and lending, both increasing by double digits, while client numbers rose to 6,000, driven by referrals from existing clients and professional advisers.
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Total deposits across various account types grew by 16% year-on-year to £991m (2023: £858m). Lending also saw a significant rise, up 20% to £586m (2023: £488m), supported by strong demand as interest rates stabilised
The bank recorded a pre-tax profit of £8.2m, slightly down from £9.1m in 2023, reflecting higher deposit costs and ongoing investments in staff and technology, including the relaunch of its digital banking app in November 2024.
In recognition of its strong performance, the board has proposed a dividend of 3.2p per share, doubling the inaugural dividend from the previous year.
CEO Tracey Davidson stated: “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.”
Moreover, Hampden Bank is set to expand its footprint in 2025, with new offices in Edinburgh and London and an entry into the North and Midlands market via a new Manchester base.
The bank also announced that chair Simon Miller will retire in August, with David Huntley, a non-executive director since 2020, set to succeed him, subject to regulatory approval.
Miller shared: “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.”
Huntley added: “I believe passionately that the relentless focus on client service, which has characterised the bank in its first decade, is the cornerstone of its future growth.”
