In FY23, UK private bank Hampden & Co had client numbers climb by close to a fifth (19%), reaching a historic high of 5,598.
The desire for tailored banking and financing after referrals from current clients, mortgage brokers, and professional advisers as well as from clients moving from other private and commercial mainstream banks, was the key driver of client development.
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Mortgage brokers brought in 39% additional revenue, which was more than twice as much as they did in FY22 (16%).
Hampden & Co, which was founded in 2015, reported £9.1m ($11.5m) in earnings before taxes in 2023 (2022: £2m).
Substantial borrowing demand, including residential, retirement-interest-only, buy-to-let, and self-build mortgages, drove a 9% increase in overall loans to £488m.
Moreover, deposits rose 8% to £858m, with term accounts receiving a net inflow of £142m as consumers took benefit of higher rates.
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By GlobalDataAs interest rates steadied, mortgage brokers’ prospects increased due to an increased need for high-value, frequently complex loans. Credit quality remained firm.
Retirement interest-only mortgages remained stable at £8.7m annually and mortgages for self-construction climbed 14%.
With retirement interest-only mortgages, borrowers may obtain money against their primary residence for a variety of uses, such as managing their estate plans in light of potential inheritance tax obligations.
Furthermore, to meet rising demand and provide the personalised support needed, the bank boosted its workforce by nearly a quarter (23%), to 154.
Significant arrivals included Mark Plummer, an industry veteran, who became head of private banking, London; Patrick Preece, who was appointed banking director, London; and Claire Mann, who joined as head of client propositions.
Martin Hillyer was also chosen as the intermediary relationship director by the bank, demonstrating further investment in its committed staff of mortgage intermediaries.
Graeme Hartop, CEO, Hampden & Co, said: “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.”
