Unity Trust Bank reports record £1bn social impact lending.
In brief:
- Unity Trust Bank, which supports organisations to deliver positive social impact around the UK, has reported a record level of social impact lending in its annual results for 2023, exceeding £1 billion for the first time in its 40-year history
- Overall lending increased by 21% to £1.01 billion (2022: £836.6m) while after-tax earnings rose to £48.9m (2022: £22.8m), resulting in a strong CET1 capital ratio of 19.7% (2022: 18.3%).
- 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.
What does this mean?
Colin Fyfe, CEO 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.”
