In our annual results for 2024, both deposits and lending grew by double-digits while the number of clients reached 6,000, supported by introductions from clients and professional advisers.
Total deposits across current, call, notice and term accounts increased by 16 percent year-on-year to £991 million (2023: £858m).
Total lending increased by 20 percent year-on-year to £586 million (2023: £488m), on the back of strong demand as interest rates stabilised.
The bank registered a pre-tax profit of £8.2 million, down from £9.1m in 2024, reflecting the higher cost of deposits and continued investment in people and technology. The bank relaunched its digital banking app in November 2024.
The board has proposed a dividend to shareholders of 3.2p per share, doubling last year’s inaugural dividend.
The bank moved to new premises in Edinburgh in March and will move to larger offices in London over the summer. It also announced that it will expand its footprint, serving the North and Midlands from a new Manchester base this year.
Tracey Davidson, who joined the bank as CEO in October 2024, said: “These results and our plans for future growth are evidence of strong demand for personalised banking, delivered with exceptional service. As we celebrate our tenth anniversary in 2025, we are excited to welcome clients to our new offices in Edinburgh and London, and to build relationships with clients and professional partners in the North and Midlands from a new Manchester base.”