Take that, Coutts! Profits soar at arch rival Hoare

The country’s oldest privately-owned bank saw its profits rocket last year due to rising interest rates – as arch-rival Coutts was embroiled in a row with Nigel Farage after closing his account.

C Hoare & Co, founded in 1672, reported a pre-tax profit of £67.7 million for the year to the end of March, four times as much as the previous year.

Hoare said rate rises had boosted its net interest income – the difference between the amount it makes on loans and what it pays out to account holders. 

It raked in £177.3 million from £88.3 million previously.

Six members of the family – including Venetia Hoare – are partners at the bank while Henry and Sir David Hoare work as consultants.