Hampshire Trust Bank reported profits of £1.3m (€1.6m) in the first half of 2016. The UK-based challenger bank also saw total assets increase by 60%, reaching £389m (€463.6m) in H1 2016, from £243m (£289.6m) at the end of 2015.

Loan assets also increased, up 75% from the end of 2015 to £311m (€370.7m). Hampshire Trust saw customer deposits rise by 68% to £314m (€374.3m) in the same period, enabled by a 33% increase in customer numbers to 10,000.

The challenger bank boosted employee numbers by 25%, and announced plans for further personnel growth in the coming year to meet business objectives.

Mark Sismey-Durrant, chief executive officer, Hampshire Trust Bank, said: “We are delighted with our financial performance in the first 6 months of 2016 and expect to continue on this strong growth trajectory during the second half of the year,”

“In H1, we achieved a pre-tax profit of £1.3m, a solid achievement for a bank that launched just two years ago. As a relatively new business with no legacy loans, we feel well positioned to respond to the current economic and political uncertainty around Brexit.”

Ketan Malde, chief financial officer, Hampshire Trust Bank, added: “We are in a strong financial position for the future.”