Take that, Coutts! Profits soar for archrival Hoare

By Calum Muirhead

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Take that, Coutts! Profits soar for archrival Hoare Share or comment on this article:

Updated: 16:50 EDT, September 30, 2023

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.

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