Bank grows to £1bn in customer funds

Unity Trust Bank, which positions itself as the commercial bank for firms with a social benefit, has just sailed through the £1bn mark in customer funds.

Since becoming independent in 2015, the bank has grown significantly whilst maintaining its ‘double bottom line’ strategy of only working with organisations that share its values and philosophy of creating social, economic, and environmental change.

All the bank’s deposits come from customer accounts, and on May 1, the bank recorded £1bn in total assets – a 5% increase year-on-year.

Margaret Willis, CEO of Unity Trust Bank, said: “Record deposits have enabled us to deliver record number of loan approvals. We do not rely on wholesale funding; our customers entrust their money to us and we use that to help organisations to prosper and deliver positive social impact.

“Growth in customer deposits helps fund the increasing number of loan approvals: £65m of new loans to existing and new customers were approved in the first 3 months of the year and at the end of March 18 the bank’s loan portfolio exceeded £300m for the first time in its 34 year history.”