Socially responsible bank celebrates 21st anniversary
Howard Lake | 3 May 2005 | News
Unity Trust Bank is celebrating its 21 year milestone by reporting its highest ever profits of £4.3 million, up from £4.1 million in the previous year. The socially responsible bank recently recorded the highest customer satisfaction levels of any bank operating in the charity sector, according to the Charity Finance 2005 Charity Banking Survey.
Total asset growth was 23.5% in 2004, with the share from charities and social economy customers increasing by 19% to £135 million. Over 50% of lending in 2004 was to social economy organisations.
As managing director Ian Sim explained, the bank is not principally profit driven. “For 21 years Unity has operated on a set of ideals as a socially responsible bank, committed to working in partnership with others to achieve a positive impact on the community,” he said. Our focus on banking for charitable and voluntary organisations, credit unions and trades unions is at the heart of our strategy.”
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Unity Trust Bank is a strong supporter of Community Development Finance Institutions introduced across the UK to help tackle deprivation as well as other social and environmental issues in the community. The bank’s credit union development fund, set up to boost the ability of credit unions to overcome financial exclusion, distributed almost £34,000 to 37 credit unions in the year. Since this initiative was started six years ago, £57,000 has been distributed in grants to 111 credit unions.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.