Quentin Marshall

Weatherbys Banking Group reports doubled pre-tax profits in 2023

Weatherbys Banking Group has announced a significant financial performance in its latest annual report, with pre-tax profits more than doubling in 2023 to £33.1m, up from £15.2m the previous year. The group’s return on equity increased to 34.2%, and the net interest margin rose to 4.82%.

The net promoter score, a key gauge of client satisfaction, reached 78, substantially higher than the banking sector average of 30, underscoring Weatherbys’ strong customer relations. Quentin Marshall, CEO of Weatherbys Banking Group, attributed the impressive results to prudent management, favorable interest rates, and the exceptional dedication of his team.

“Many factors contributed to the Group’s remarkable 2023 financial results. However, the most important are my colleagues. Liberated from the compromises so often found in modern business life, our team are free to do what is right and to treat our clients as we in turn would like to be treated,” said Marshall.

The bank also reported growth in assets, client numbers, and staff, with total assets reaching £1.64bn and the workforce expanding to 422 through the addition of 51 new employees. Weatherbys invested nearly £5 million in enhancing its technology infrastructure last year, with further upgrades planned for the current year.

Roger Weatherby, group chairman, emphasised the bank’s conservative approach to risk management. “As a family-owned bank, we can take a generational view – not one focused on short-term or even medium-term goals chasing additional returns that might lead to undue risk exposure. Clients expect us to prioritise the safety of their wealth above all else, and our commitment to this is reflected in the conservative way we have managed the balance sheet,” he stated.

Additionally, Weatherbys has committed to achieving net zero emissions and has partnered with an independent carbon-accounting firm to assess its 2023 carbon footprint across all emission scopes. The bank also continues its community engagement through charitable initiatives and educational events.