Storrie hails ‘best figures’ since taking helm

By TERRY MURDEN
Published 2nd Jul 2014, 01:00 BST
Graham Storrie: We would like to grow our lending furtherGraham Storrie: We would like to grow our lending further
Graham Storrie: We would like to grow our lending further
private bank Adam & Co has seen an uplift in activity across its portfolio of wealthy clients, which has helped contribute to the best profits since Graham Storrie took the helm three years ago.

Profit before tax for the year to the end of December was up 45 per cent to £16.7 million as transactions rose in volume and value terms. The bottom line also benefited from an 86 per cent fall in impairments to £1m. Revenue fell by 10 per cent to £47m as some clients chose to pay off their loans.

Managing director Storrie said he was “very pleased” with progress at the 170-employee bank, which was able to pay a £25m dividend to its parent, the Royal Bank of Scotland.

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The bank offers private banking, investment management and financial planning and has also launched an online service in response to customer demand. More than half (56 per cent) of clients are now banking online, including mobile. In April, the bank launched a credit card.