Unity Trust Bank reports growth and community impact in 40th year

Unity Trust Bank has released its 2024 annual results, marking a milestone 40th year with strong results and impact-driven lending.

The West Midlands was the third-largest English region for customer borrowing aimed at delivering social benefits.

Overall lending remained above £1bn, with 50.5%, up from 45.3% in 2023, directed toward high-deprivation areas.

Customer balances reached £1.7bn, a 10% increase from 2023, as more socially conscious organisations placed their deposits with Unity to support community initiatives.

The bank boosted its digital services and customer support, increasing investment in its UK-based contact centre and expanding its network of relationship managers by 82%.

Key sectors supported included healthcare, social housing, trade unions, charities, and local councils.

Pre-tax profit also rose to £65.8m, up from £63.9 million in 2023 and in the West Midlands alone, Unity’s funding helped create or support 871 jobs.

Andy Bird, Midlands regional director at Unity Trust Bank said: “As an ethical bank, we are committed to a ‘double bottom line’ of delivering positive social impact alongside commercial success.

“In 2024, we achieved a record year of funding, helping to support the vital work of socially-driven organisations that share our values and those key sectors making a real difference to communities across the UK.

“These results reflect Unity’s continued commitment to creating positive social impact through responsible finance. With over a third of all lending in the West Midlands going to areas of high deprivation, Unity’s funding is helping to deliver better outcomes for communities and individuals most in need.”