2010 was another year when the phrase 'discretion is the better part of valour' springs to mind. All parts of the Bank, and in particular Private Banking, saw a significant increase in demand from both new and existing customers. They had become increasingly fed up with the service, or lack of it, that they were receiving from some of our larger competitors.
Our deposits grew by 14% but as you would expect, we were cautious in lending these deposits to other banks. We have a minimum criteria for our counterparties and although this means that the returns were pretty thin, this is not the time to be chasing the extra penny. Similarly on the lending side, our book has increased by 10% and there is a significant pipeline of lending requests which enables us to be particularly careful in our lending decisions.
Weatherbys Private Banking
Our Private Banking operation based in its new London offices in Sackville Street is growing strongly.
Wealth Planning and Investment Management
These were introduced in 2010 on the back of strong customer demand for these initiatives, rather than it being the latest wheeze from some faceless marketing department.
VAT Services
The team have continued to offer an exemplary service to their customers and having welcomed back Louise Norman after her maternity leave, are now tackling the influx of new customers who are facing VAT at a rate of 20%.
Weatherbys Insurance Services
Weatherbys Insurance Services have done extraordinarily well in the face of the downturn in the bloodstock industry with many clients reassessing their insurance needs. We have taken on two new people in Justin Deacon and Aisling Kinane, and we expect our share of the insurance market to grow in 2011.
In the low interest rate environment we are operating in, it is difficult to make profits from pure banking, but Arkle, our wholly-owned asset finance subsidiary, has made a considerable contribution, owing to the fact that it operates on 3-5 year fixed rate periods. It has become a jewel in our crown and has been involved in some fascinating lending proposals.
We have continued to invest in people, particularly on the Private Banking operation, and in our IT systems. We have had some very useful feedback from the recent customer survey and we will be ensuring that our online bank offering is second to none.
We will, as you would expect, continue to plough a very conservative furrow knowing that if we look after you, our customers, through these troubled times, we will all benefit.
Thank you for your continued support of Weatherbys Bank.
To download a copy of the Weatherbys Bank 2011 Annual Review please click here.