2024 results saw total deposits, lending and client numbers all grow strongly
Bank registers pre-tax profit of £8.2 million
Simon Miller to retire, David Huntley selected to be next chair
Continued growth drives new offices in Edinburgh and London plus expansion to Manchester
Hampden Bank has announced continued strong growth, chair Simon Miller's retirement, and expansion plans for 2025.
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Hampden Bank CEO Tracey Davidson
In its annual results for 2024, both deposits and lending grew by double-digits while the number of clients reached 6,000, supported by introductions from clients and professional advisers.
Total deposits across current, call, notice, and term accounts increased by 16 percent year-on-year to £991 million (2023: £858m).
Total lending increased by 20 percent year-on-year to £586 million (2023: £488m), on the back of strong demand as interest rates stabilised.
The bank registered a pre-tax profit of £8.2 million, down from £9.1m in 2024, reflecting the higher cost of deposits and continued investment in people and technology. The bank relaunched its digital banking app in November 2024.
The board has proposed a dividend to shareholders of 3.2p per share, doubling last year's inaugural dividend.
The bank moved to new premises in Edinburgh in March and will move to larger offices in London over the summer. It also announced that it will expand its footprint, serving the North and Midlands from a new Manchester base this year.
Tracey Davidson, who joined the bank 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 announced that chair Simon Miller will retire in August. David Huntley, a non-executive director since 2020, has been chosen as the next chair, subject to regulatory approval.
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."
About Hampden Bank
Hampden Bank is a private bank providing exceptional client service delivered by outstanding banking professionals.
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Contacts:
Media contact:
Nick Freer
nick@freerconsultancy.com
