Adam & Co profit up 23%

ADAM & Company, the Edinburgh-based people's bank, has seen profits grow by nearly a quarter despite the credit crisis hitting most of the high street banks.

The company, which has 9000 wealthy clients, said pre-tax profits increased by 23 per cent to £20.7 million in what was its 14th successive year of growth.

David Crathie, managing director of the bank, which is owned by Royal Bank of Scotland, said: "None of us are immune, but our clients appear well-placed to ride out any of the choppy waters we are seeing."