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C Hoare & Co assets pass £4 billion mark

C Hoare & Co’s assets have broken the £4 billion barrier, helping push its revenue through £100 million for the first time.

C Hoare & Co assets pass £4 billion mark

C Hoare & Co’s assets have broken the £4 billion barrier, helping push its revenue through £100 million for the first time.

The private bank’s deposits rose 4.7% to £4.05 billion over the 12 months to the end of March 2018.

Income from continuing operations rose to £105.5 million, up from £92.9 million the previous year, with a pre-tax profit of £25.9 million. This was down from £70.8 million in 2017, but that figure included the gain on the sale of its wealth business to Cazenove Capital for £42.8 million.

C Hoare reported that costs increased to £74 million, up from £64.7 million, although the latter figure excludes customer redress of £12.2 million it paid out that year and restructuring costs of £500,000.

Administrative expenses for continuing operations decreased from £70.5 million to £67.2 million.

The bank took a loan impairment charge of £2.7 million, with ‘new specific provisions’ of £1.2 million.

It also earmarked ‘provisions for other liabilities’ of £3.37 million. It increased its provisions against legal claims by £1.8 million, taking the total set aside for these up to £3.3 million.

Chairman Lord McPherson of Earl’s Court said: ‘The bank’s balance sheet has continued to expand, albeit at a slightly slower pace than in recent years. Income has grown in line with our balance sheet and in part also benefited from the base rate increase.’

C Hoare also promised to inject some 'millennial thinking' into its strategy when it announced a generational handover that saw 32-year old head of phlanthropy Rennie Hoare join the board.

 

 

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