The bank started operating in 2015 and has reported annual pre-tax losses up until 2021. In August last year, it announced that it was on track to post its first annual profit due to its performance during the first half of 2022.
Its post-tax profit came to £6.9m because of a deferred tax credit, which represents a future tax obligation.
Citing strong income growth and client service in 2022, Hampden and Co saw its total income rise 73 per cent year-on-year to £23m.
It completed a record amount of lending during the year with a six per cent increase to £448m. It said the amount lent through introductions from mortgage intermediaries, wealth managers, solicitors and accountants went up to £135m, which was a 40 per cent rise on the year before.
At the end of last year, the bank said it wanted to deepen its relationship with mortgage brokers and work closer with the intermediary sector.
Hampden and Co said the demand for its residential, retirement interest-only, self-build and investment portfolio products was “strong”.
The private bank welcomed 11 per cent more clients to total 4,700 and hired bankers to its team to support this growth in clientele. The most recent appointment was the addition of John Glanville as its banking director for the London office.
The lender said its client retention rates were high and its balance sheet was “conservative”, leaving it unaffected by recent market uncertainty.
Graeme Hartop (pictured), CEO of Hampden and Co, said: “Hampden and 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 of Hampden and 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.”
