Unity Trust Bank reports another impressive set of half-year results
Net lending increased to £1,032m in the first six months of 2024 (Dec 2023: £1,013m) with 40% of loans allocated to organisations in areas of high deprivation; 57% specifically supporting disadvantaged or marginalised groups and 59% going to organisations delivering impact at a local level.
Unity also provided the first tranche of financing through its Housing Association Decarbonisation Initiative (HADI) – ringfenced funding to support housing associations to improve the energy efficiency of affordable homes across the UK.
Profit before tax grew to £37.2m, a 30% increase from the previous six months. Unity has expanded its customer-facing teams and invested in digital services and operational areas including cyber resilience.
Colin Fyfe, CEO at Unity Trust Bank, said: “This is an excellent half year performance as we continue to focus on what’s important to us as a bank – serving our customers.
“We have delivered safe growth in our balance sheet, social impact across the UK and established new service channels for our customers.
“Deposits have reached a record high of £1.7b enabling us to continue to support organisations that improve the lives of local communities. This means that when customers put their savings with us, they know those deposits will only be used to create a better society.
“We have also improved our customer services offering from both a human and digital perspective. We have expanded our UK-based call centre and our nationwide team of experienced relationship managers and have introduced a number of specialised roles to support specific sectors such as charities, local councils and trade unions.”
This year Unity was honoured with a prestigious King’s Award for Enterprise for Sustainable Development in recognition of its work supporting socially-minded customers and its own commitment to delivering responsible business practices. Unity was also named as one of the Sunday Times’ Best Places to Work.
To mark the bank’s 40th birthday, the employee-led Unity & Me programme pledged to donate £40,000 to good causes throughout 2024 and next month sees the launch of the new Unity Impact Grants Programme, giving customers the opportunity to apply for grant funding for community-enhancing projects.
Colin added: “Our values are at the heart of everything we do at Unity. These awards, along with the bank’s charitable work, are testament to the inclusive, diverse and collaborative culture fostered at Unity Trust Bank.”
