C Hoare clocks up record profits

Private bank C Hoare & Co reported a jump in profits of 62 per cent last year to £24m. The bank’s deposits rocketed 13 per cent to £1.9bn as it bounced back strongly from the financial crisis.

Chairman Lord Wilson of Dinton said: “As a policy matter the bank chooses not to enter into a bidding war for deposits, preferring to offer security and superior service to customers.”

The results are the first to be reported since the appointment of Jeremy Marshall last year as chief executive.

The former Credit Suisse banker took the reins from Alexander Hoare, a descendent of the bank’s original founder who formed the institution 340 years ago. The bank is renowned for its safety-first approach and caused a stir in the City when it ditched UK gilts in favour of a deposit with the Bank of England.