Hampden Bank has reported strong double-digit growth in both deposits and lending for 2024, alongside expansion plans and a leadership transition as the bank prepares to mark its tenth anniversary.
In full-year results published this week, the bank revealed that total deposits across current, call, notice and term accounts rose by 16% year-on-year to £991m (2023: £858m). Lending increased by 20% over the same period to £586m (2023: £488m), driven by strong demand as interest rates stabilised.
The bank’s client base grew to 6,000, supported by referrals from existing customers and professional advisers. Pre-tax profit stood at £8.2m, down from £9.1m the previous year, reflecting a rise in deposit costs and continued investment in people and technology. In November 2024, the bank relaunched its digital banking app.
Hampden Bank has proposed a dividend of 3.2p per share, double the value of its inaugural dividend last year. It has also moved into new offices in Edinburgh and is preparing to relocate to larger premises in London this summer. The bank will open a new office in Manchester later this year to serve clients in the North and Midlands.
Tracey Davidson, who joined as CEO in October 2024, said: “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.”
The bank also confirmed that chair Simon Miller will step down in August after five years in the role. He will be succeeded by David Huntley, subject to regulatory approval. Huntley has been a non-executive director since 2020 and currently chairs the risk committee.
Simon Miller said: “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.”
Tracey Davidson added: “As a founding shareholder, Simon believed in the vision of building a new private bank dedicated to providing exceptional client service. As chair, he held true to that vision and took great interest in supporting and developing our people to deliver it. I thank him on behalf of the board and all at Hampden Bank. We are delighted that David has agreed to be our next chair. I look forward to working with him to write the next chapter in the bank’s story.”
David Huntley said: “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.”
