Take that, Coutts! Income soar at arch rival Hoare
Shut ties: Six family members – together with Venetia Hoare (pictured) – are companions on the financial institution
The nation’s oldest privately-owned financial institution noticed its income rocket final yr because of rising rates of interest – as arch-rival Coutts was embroiled in a row with Nigel Farage after closing his account.
C Hoare & Co, based in 1672, reported a pre-tax revenue of £67.7 million for the yr to the tip of March, 4 occasions as a lot because the earlier yr.
Hoare mentioned price rises had boosted its internet curiosity earnings – the distinction between the quantity it makes on loans and what it pays out to account holders.
It raked in £177.3 million from £88.3 million beforehand.
Six family members – together with Venetia Hoare – are companions on the financial institution whereas Henry and Sir David Hoare work as consultants.