Take that, Coutts! Profits soar at arch rival Hoare
Take that, Coutts! Profits at arch-rival Hoare are increasing enormously
Close ties: Six members of the family – including Venetia Hoare (photo) – are partners at the bank
The country’s oldest private bank saw its profits skyrocket last year due to rising interest rates – when arch-rival Coutts fell out with Nigel Farage after closing his account.
C Hoare & Co, founded in 1672, reported pre-tax profits of £67.7m for the year to the end of March, four times the previous year.
Hoare said rate hikes had boosted net interest income – the difference between the amount it earns on loans and what it pays out to account holders.
It raised £177.3m, up from £88.3m previously.
Six members of the family – including Venetia Hoare – are partners at the bank, while Henry and Sir David Hoare work as advisers.