Weatherbys Banking Group’s pre-tax profits more than doubled in 2022 year-on-year.
The group saw profits reach £15.2m, a rise of 124%.
In addition, client deposit balances rose by 8% to hit £1.52bn and client lending balances grew to £776m in 2022 for Weatherbys. The total assets of the firm now stand at £1.6bn.
Furthermore, staff numbers increased from 302 to 371, an increase of 22%. This was helped by the opening of an office in Manchester to take the number of offices in the UK to eight.
Last year, the bank also spent over £9.5m, close to 63% of profit, on technology and operations.
Weatherbys Private Bank also recorded outstanding feedback from clients, with 98% feeling treated as valued clients, and the same proportion agreeing or strongly agreeing that the bank was accessible and responsive. A factor in this level of satisfaction may be that, according to data, 97% of client calls were answered within three rings. The bank has a net promoter score of 73 – high for the industry – showing clients are happy to refer Weatherbys to people they know.
CEO Roger Weatherby said: “We are proud to report the highest profit in our history, but for us, as a long-term business, we look at our overall return across the economic cycle.
“Our aim is to achieve a long-term return on capital that allows us to meet the needs of all our stakeholders, especially our clients. To do so, we must invest in technology and people to provide exceptional client service levels, supporting our staff to develop, and provide an appropriate return to our shareholders, all while offering good outcomes for borrows and depositors.”
Recently, the firm employed two private bankers to fulfil the needs of its growing clientele.
Maya Lewis joins as a Private Banker after nearly a decade at Investec. She worked with a varied customer base at Investec, with a concentration on Sports and Entertainment clients.
Lewis worked in real estate investment management and for a family office before joining Investec in 2013.
Anthony Rawlinson, who previously assisted two private families in establishing their own family offices, has also joined Weatherbys as a Private Banker.