The private bank ended the six-month period at more than 5,000 clients with a sharp rise in referrals from professional partners, and client numbers increasing 13% year-on-year since H1 2022.

Total lending by the bank also increased 6% year-on-year to £461m with total deposits also rising 6% to £773m.

Total income in H1 2023 increased to £15.5m — up 74% — with the bank registering a pre-tax profit of £5m.

In terms of deposits, clients continued to reallocate cash from current and call accounts into notice and term accounts to benefit from rising interest rates, with term deposits up 44% year-on-year, and notice deposits up 96%.

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The bank also made a series of appointments to its London office in H1, with Patrick Preece  and John Glanville  joining as banking directors, while Mark Plummer  joined as the new head of private banking.

Graeme Hartop, CEO at Hampden & Co, said: “The UK banking sector continues to experience change and we believe we are very well positioned to increase market share in the private banking sector as well as to meet the needs of underserved high-net-worth customers of high street banks.

“It is particularly pleasing to see a high number of referrals from other professionals such as wealth managers, solicitors and accountants, as such partnerships are of significant benefit to our mutual clients.”