Hampshire Trust Bank has posted its first profit since a management buyout in 2014, reporting strong growth in total assets, customer deposits and customer numbers for 2015.
Hampshire Trust Bank, a specialist challenger bank focusing on small and medium-sized businesses, reported that its total assets had multiplied by more than four times during the year ended 31 December 2015, jumping to £243m, compared to £57m at the end of the previous year.
Customer deposits were up more than 800 per cent, from £23m to £189m over the same time period.
The bank also said it boasted 7,500 customers at the end of 2015, compared to 1,200 at the end of 2014.
“To be in such a strong financial position at this stage of our development, making a profit in December and expanding into new lending lines, is a great start to the New Year,” said the lender’s chief executive, Mark Sismey-Durrant.
Hampshire Trust Bank recently announced plans to expand into the commercial mortgages and professional landlords sectors later this year. The bank has also indicated it plans to move into other specialist mortgage lending lines at a later date.