Top Adam & Co director's pay rises 52%

ACCOUNTS filed at Companies House for private bank Adam & Co show that the highest-paid director's package rose from £242,313 in 2009 to £368,877 in 2010.

The jump came despite pre-tax profits falling by 26 per cent to 18 million, as revealed in Scotland on Sunday.

Income was down by 14 per cent to 52.7m, but clients' deposits at the Edinburgh-based bank rose by 7 per cent to 1.9 billion.

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During the year, managing director David Cuthie left the firm, which is owned by Royal Bank of Scotland, and Kerry Falconer was appointed as interim boss. The bank said in December that Graham Storrie, above, formerly RBS's managing director of specialist advice, would take over the top job.

Bad loans and impairments fell by 79 per cent to 400,000, while loans to clients rose by 2 per cent to 773m.