Published: April 10, 2014
Unity Trust Bank full year financial results
Strong growth and stable capital position enables trades unions’ Bank to increase social impact in 2013
Unity Trust Bank, the specialist bank for social economy organisations, has announced positive growth in its full year financial results for 2013, with an 8% growth in total assets to £717.5 million and a significant increase in profits to £2.3 million.
Founded 30 years ago by the trades unions, the Bank exists not for the maximisation of profit but for the common good. As part of its strategic plan, Unity is committed to a double bottom line approach to business, and continues to use its commercial success to contribute to a more sustainable society.
Richard Wilcox, Chief Executive Officer at Unity Trust Bank, said: “The UK economic environment has continued to suffer during the ongoing recessionary climate and lending continues to be challenging. Despite this, the Bank has achieved positive growth across all business areas in 2013. We have remained focused on lending to the social economy sector, where we endeavour to create positive social change through our business activity.”
Unity Trust Bank has a strong Balance Sheet, which provides for shareholder, customer and market confidence and sustains the future development of the business. A Core Tier Capital 1 Ratio amounting to 20.3% at 31 December 2013 (2012: 21.0%) and a loan to customer deposit ratio of 27.5% demonstrates the Board’s commitment to maintaining that strength.
Unity Trust Bank’s unique mission means that the generation of social impact is as important as the generation of profit. It will release its second Impact Report at the Bank’s AGM in May but its achievements in this area include:
Unity’s lending has continued to support organisations that are providing solutions to the UK’s most pressing social problems, particularly in employment, care and housing.
Over the past year, through it’s clients, the Bank has enabled change and growth where it is most needed in society. Examples include:
Richard Wilcox said: “As we look to the future, our core direction and principle areas of activity will continue to be with charitable and voluntary organisations, trades unions, Community Development Finance Institutions, credit unions, Co-operatives and social enterprises.”
Images and case studies are available upon request