UK challenger Hampshire Trust Bank achieved £4.4.m (€5.2m) in pre-tax profit for 2016, marking its first annual profit since its May 2014 relaunch under new ownership.
The UK challenger bank was founded in 1977, and was acquired by a management team with the backing of Alchemy Partners, an investment fund, in 2014. In 2015, the bank achieved a loss of £3.1m.
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Hampshire Trust’s asset finance loan book increased to £112.1m in 2016 compared to £56.1m the year before. Within its asset finance division, Hampshire Trust Bank’s block discounting loan book grew to £41.7 in 2016, from £12.9m in 2015.
The bank’s lending assets rose to £463.5m in 2016, compared to £177.6m the year prior. Customer deposits at the bank rose to £523.3m in 2016, from £187.2m in 2015, and customer numbers increased to over 16,000 in 2016, from 7,500 in the previous year.
Mark Sismey-Durrant, chief executive officer at Hampshire Trust Bank said:
“2016 was a landmark year for the bank. We achieved a full year of profits in only our second full year of trading since relaunch under new ownership. We are confident that 2017 will be another significant year of strong delivery for the bank.”
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