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Hampshire Trust Bank boss hails solid achievement after posting £1.3m profit

Published 03/08/2016

Mark Sismey-Durrant said the first-half profits were a
Mark Sismey-Durrant said the first-half profits were a "solid achievement for a bank that launched just two years ago".

Specialist lender Hampshire Trust Bank posted £1.3 million in half-year profits after seeing customer numbers rocket by a third.

The Hampshire Trust, which focuses on lending to small and medium-sized businesses, said the profits haul came after it attracted nearly 2,500 more customers in the half-year, taking the total to almost 10,000.

While it does not have a comparative earnings figure from a year earlier, the group only made its first profit last December since its management buyout in 2014.

It said customer deposits leapt 68% higher to £314 million in the first six months of 2016, while loans rose by 75% to £311 million.

Total assets within the group increased by 60% to £389 million.

Mark Sismey-Durrant, chief executive at Hampshire Trust Bank, said the first-half profits were 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," he added.

Hampshire Trust was founded in 1977, but relaunched after it was acquired in May 2014 by a new management team with the backing of private equity firm Alchemy.

It employs more than 100 staff, up 25% in the last six months alone.

The group recently said it would consider a possible flotation in the future, although Mr Sismey-Durrant stressed in May there were " no immediate plans for an IPO, and it is just one of the options open to us''.

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From Belfast Telegraph