Take that, Coutts! Profits soar for archrival Hoare
Close ties: six family members, including Venetia Hoare (pictured), are partners in the bank
The country’s oldest private bank saw its profits soar last year due to rising interest rates, when arch-rival Coutts became embroiled in a dispute with Nigel Farage after closing his account.
C Hoare & Co, founded in 1672, posted a pre-tax profit of £67.7m for the year to the end of March, four times more than the previous year.
Hoare said the rate increases had increased its net interest income – the difference between the amount it lends and what it pays out to account holders.
It raised £177.3 million from £88.3 million previously.
Six members of the family, including Venetia Hoare, are partners in the bank, while Henry and Sir David Hoare work as consultants.