Pictured: Torrisdale Castle, Campbeltown, Kintyre
The net promoter score, a metric used to measure client satisfaction, rose to 78 – significantly higher than the banking sector’s average of 30.
Quentin Marshall, CEO, Weatherbys Banking Group, credited a combination of prudent management, rising interest rates and a dedicated team always willing to go the extra mile for clients.
He said: “Many factors contributed to the Group’s remarkable 2023 financial results. However, the most important are my colleagues. Liberated from the compromises so often found in modern business life, our team are free to do what is right and to treat our clients as we in turn would like to be treated.”
In addition to rising profits, the Group continued to grow its assets and numbers of clients and staff, with 51 new employees bringing staff numbers to 422 in 2023. The total assets of the Group now stand at £1.64bn.
In 2023 the Group invested close to £5m in ‘behind-the-scenes’ technology infrastructure to deliver better systems and processes for clients and employees. Additional improvements are scheduled for this year.
Conservative approach to risk
The Group reported a liquidity coverage ratio of 896 per cent, far exceeding the regulatory minimum. It maintained a conservative loan-to-deposit ratio, with lending accounting for just over half of the client deposits. The majority of the Group’s surplus liquidity is kept at the Bank of England.
Group Chairman Roger Weatherby said: “As a family-owned bank, we can take a generational view – not one focused on short-term or even medium-term goals chasing additional returns that might lead to undue risk exposure. Clients expect us to prioritise the safety of their wealth above all else, and our commitment to this is reflected in the conservative way we have managed the balance sheet. While this can mean foregoing the opportunity for greater profits, it delivers undoubted financial strength.”
Net zero commitment
Weatherbys is committed to achieving net zero and has engaged an independent carbon-accounting partner to calculate its 2023 carbon footprint across scopes 1, 2 and 3. Alongside charitable initiatives, in October 2023 the Bank held its fourth Creating the Future event, where guests, clients and friends heard eminent experts address some of the most challenging issues affecting the planet.