Hampden & Co saw new client numbers increase by almost a fifth (19%) in 2023, according to its full year results, finishing the year at a new high of 5,598.
According to the private bank, client growth was driven by demand for personalised banking and bespoke lending following introductions from existing clients, professional advisers and mortgage brokers, as well as clients transferring from other private and mainstream high street banks.
Business introduced by mortgage brokers was up 39%, more than double the growth seen in 2022 (16%).
Throughout the year, the bank grew the number of employees by almost a quarter to 154.
Key hires included Mark Plummer as head of private banking, London, Patrick Preece as banking director in the firm’s London office, and Claire Mann as head of client propositions.
The bank invested further in its mortgage intermediary team with the appointment of Martin Hillyer as intermediary relationship director.
Overall, the bank recorded profit before tax of £9.1m in 2023, and saw total lending rise 9% to £488m.
Deposits increased by 8% to £858m, with term accounts seeing net inflows of £142m as savers took advantage of higher rates.
Graeme Hartop, CEO at Hampden & Co, said: “Our accessible and personalised approach to banking is valued by our existing clients and has attracted many new clients.
“It shows that many people, including high-net-worth and affluent customers of high street lenders, appreciate the benefits of relationship banking.”
Hartop added: “In an environment where interest rate rises have encouraged people to use savings to pay down debt, the bank grew both deposits and lending in 2023.
“The high volume of referrals from other advisers, including wealth managers, solicitors, accountants and mortgage brokers was further positive endorsement of the bank, our staff and our ability to work in partnership with these other professionals.”
