Record lending by Birmingham-based bank
A bank which supports organisations to deliver positive social impact around the UK, has reported a record level of lending in its annual results for 2023.
Exceeding £1 billion for the first time in its 40-year history, 66.3 per cent of Birmingham-headquartered Unity Trust Bank’s financing across the East and West Midlands and Wales went into areas of high deprivation.
Unity’s overall lending increased by 21 per cent to £1.01 billion while after-tax earnings rose to £48.9 million from £22.8m.
Colin Fyfe, chief executive at Unity Trust Bank, said: “Surpassing £1 billion in lending for the first time is testament to the principles that Unity was founded on 40 years ago – that a bank can deliver social purpose as well as sustainable commercial returns.
“Our 2023 objectives were achieved against a backdrop of turbulent economic conditions, and supporting our customers continues to be at the core of our strategy.
“The higher bank rate environment, alongside balance sheet growth, increased financial returns for Unity in 2023 and enabled us to continue to advance our purpose and our investment in customer services.”
By only using customer deposits to lend to organisations that deliver quantifiable impact in local communities, Unity’s funding in 2023 helped to support 1,458 care home spaces: 572 day care and education spaces and 7,143 jobs across the UK. It also provided affordable homes for 1,225 households and 452 properties benefited from retrofitting activities.
Andy Bird, regional director for the Midlands at Unity Trust Bank said: “Despite a challenging economic backdrop over the past 12 months, our strong financial position means that we have been able support customers across the region. This means when customers bank with us, their deposits support local projects that create a real social impact within our communities.”
Unity continued to strengthen its support to customers in 2023, introducing a new digital banking platform and establishing sector specific customer hubs.
