Weatherbys Private Bank reports record lending

Weatherbys, the 249-year-old private banking group, has cheered strong full-year results as lending reached a new high and pre-tax earnings jumped by a third in 2018.

Chief executive Roger Weatherby said the banking group is well placed. Picture: Ezzidin Alwan

Client lending at Weatherbys Private Bank, which recently doubled the size of its Edinburgh office, grew to record levels, climbing by 23 per cent to £475 million in the year to 31 December.

Net interest income was also up, rising £4.1m to £23.9m on the increased lending activity.

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Weatherbys pointed to a “customer-centric” approach as the group’s pre-tax profits rose 33 per cent to £7.6m.

Asset finance subsidiary Arkle Finance lent to more than 4,000 UK small businesses in 2018, building its portfolio to exceed £100m.

Total group assets increased from £759m to £878m during the period.

The lender also highlighted new activity in its insurance business, Weatherbys Hamilton, which launched a bespoke farms and estates policy in conjunction with insurer Aviva earlier this year.

The Wellingborough-headquartered bank recently moved its Scottish operations into larger offices on Rutland Square, doubling the space of its previous base on the same capital street.

Chief executive Roger Weatherby, said the results demonstrated the lender’s ability to be “flexible and responsive to each client” adding: “Together with our conservative approach to credit risk, including counterparty risk, we are well placed to prosper and continue to provide an exceptional service to all our clients.”