Hampden & Co 1 SA : Graeme Hartop Hampden & Co CEO All images © Stewart Attwood Photography 2023. All other rights are reserved. Use in any other context is expressly prohibited without prior permission. No Syndication Permitted.

Hampden & Co delivered its first full year profit in 2022, a pre-tax total of £2m ($2.5m), driven by strong income growth and client service.

Post-tax, due to a deferred tax credit, this number jumps to £6.9m. Furthermore, total income for the year was £23m, a 73% increase year-on-year.

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In addition, total deposits grew 14% to £796m and lending was up 6% to hit £448m, a record figure.

Clients also grew, by 11%, to reach 4,700 in 2022. As a result, the bank strengthened its team with new bankers to support the growing base of clients.

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

Simon Miller, chairman, Hampden & Co, added: “The bank had a very successful 2022, achieving its first full year profit and it has come of age. This is the result of building strong relationships with our loyal clients, professional partners, shareholders and of course the efforts of our very capable team.”

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Hampden: what next after 2022?

This is the bank’s first full year profit, but was it a long time coming? Was it a surprise?

Speaking to PBI, Hartop said: “

We have been building on strong foundations since the bank launched in 2015. The achievement of our first annual profit is a result of the steady growth of our high-quality balance sheet over a number of years.  This was expected on the back of a return to higher interest rates, continued support from our clients and strong demand for personalised banking.”

Were there any stumbling blocks or hurdles to get over to achieve this?

He continued: “There have been economic headwinds affecting the wider market with the resulting rise in interest rates dampening demand for lending.  On the other side of the balance sheet, the return to more normal rates from the historic lows has been supportive.  There has also been some volatility around the banking sector, however, with our conservative business model and client profile, we believe we are well positioned to weather this and have taken on some new clients as a result.”

So what next for Hampden & Co? Will we see even better results in 2023?

Hartop concluded: “We expect client numbers to continue to grow and we are targeting steady growth in both deposits and lending.  We are also investing in our proposition. We upgraded our banking system last year; we are further developing our digital services as a complement to the service from our bankers and we will continue to invest in and develop talent to support our growing client base.