Hampshire Trust Bank reports significant growth in H1 2016
Hampshire Trust Bank has reported significant growth in the first half (H1) of 2016, with assets and customer deposits increasing and core measures of financial strength demonstrating that the bank is in a strong position for the future.
In H1 2016, total assets increased by 60% to £389m, compared to £243m at the end of 2015, loan assets increased by 75% to £311m (2015: £178m) and customer deposits increased by 68% to £314m (2015: £187m). Customer numbers increased to 10,000, compared to 7,500 at the end of 2015.
In addition, the bank announced that headcount has increased to more than 100, a 25% increase in employee numbers at the end of 2015, with plans for further growth in the year ahead to meet business objectives.
Mark Sismey-Durrant, chief executive officer at Hampshire Trust Bank, said:
“We are delighted with our financial performance in the first six months of 2016 and expect to continue on this strong growth trajectory during the second half of the year. In H1, we achieved a pre-tax profit of £1.3m, a solid achievement for a bank that launched just two years ago. As a relatively new business with no legacy loans, we feel well positioned to respond to the current economic political uncertainty around Brexit.”
Ketan Malde, chief financial officer at Hampshire Trust Bank, said:
“We are in a strong financial position for the future. The bank is well capitalised with a Tier 1 capital ratio of 28% and a liquidity coverage ratio of 257%, demonstrating our robust liquidity position.”
Hampshire Trust Bank lends to UK businesses, providing asset finance, property finance and commercial mortgages. It also offers competitive savings accounts to individuals and businesses.
Mark added:
“We are currently financing the construction of almost 850 residential units for UK housebuilders and the vehicles and equipment for 3,800 small businesses. Earlier this year, we diversified into the bridging, professional landlord and commercial mortgage markets and have been encouraged by the early signs of success.
“Our focus as a specialist bank is on bringing our expertise and service to help finance the SME market that drives our economy. We have established our business franchise, successfully transitioned into profit and view our future growth prospects with confidence.”
