Published today, the Group’s latest annual report details another year of strong performance, with a net interest margin of 4.53% and total assets of almost £1.85bn – up from £1.63bn in 2023.
In addition, Weatherbys’ net promoter score – a metric used to measure client satisfaction – now stands at a new high of 81, with 99% of clients pleased with the service they receive.
CEO Quentin Marshall said: “These figures yet again show we’re a conservative bank that takes the stewardship of clients’ assets very seriously and always aims to provide excellent service.
“The world is clearly an uncertain place, and our job is to be mindful of the possible shocks that could affect us from the outside while staying fully focused on what remains within our control.
“We firmly believe that if we keep pursuing a client-focused strategy, even though there may be ups and downs, we can continue to deliver outstanding service and strong shareholder returns.”
Weatherbys Private Bank was named UK Private Bank of the Year in the prestigious Spear’s Awards – known as “the Oscars of the private client world” – in 2024. It also claimed the honour in 2023.
The Bank enjoyed considerable organic growth over the course of 2024, with a significant increase in both assets under advice and deposits. Gross lending volumes were also strong.
The year also saw a complete upgrade of the Group’s core banking platform, as well as improvements to systems used to help spot financial fraud. More enhancements are scheduled for this year.
Marshall said: “Our business model will always have a human face, but this doesn’t mean we can slip on ensuring our underlying systems are robust and our clients’ digital experience is first-rate.
“We also continue to expand our team, which now numbers almost 450. We see no conflict between investing in people and investing in technology, because our clients deserve the best of both.”
Group Chairman Roger Weatherby described 2024 as ‘a year of consolidation, investment and progress on multiple fronts’, adding: “We’re proud that our 20% return on equity led the market.
“It’s vital to note that this figure was achieved thanks to a prudent and conservative appetite for risk. As a multi-generational family business with a long-term view, this is something we insist on.
“Equally, even as we keep growing, we’re committed to retaining the feel of a family company and staying true to what has made us the business we are – what we call ‘the Weatherbys Way. Just as we won’t be swayed from a sensible approach to risk, we won’t lose sight of the importance of going the extra mile to ensure we can deliver the very best outcomes for our clients.”