Birmingham-based Unity Trust Bank has just announced record growth resulting in the bank attracting £11m of new investment.
Unity is a commercial bank for firms with a social benefit and today announced its 2017 annual results: profits and new lending were up by over 20%.
The bank lent nearly £100m to firms and projects that will deliver community, economic or environmental benefits.
Margaret Willis, the bank’s CEO said: “Since becoming independent in December 2015, Unity has pursued its goal to lend responsibly to firms and organisations that share our mission to benefit society. At Unity, this progress means more than just profit; the better we perform, the greater societal benefit we can have. It’s very pleasing to see the appeal of ‘banking with values’. We are grateful for the support of our shareholders and the faith placed in us by our customers.”
Since the year-end, the Unity has attracted over £11m of new investment from existing shareholders as well as from a new investor — the Sustainability, Finance, Real Economies fund (SFRE). SFRE is an investment fund initiated by the Global Alliance for Banking on Values. This investment facilitates Unity’s future growth plans and has enabled the bank to buy-back The Co-operative Bank‘s remaining shares meaning it is no longer a shareholder in Unity.
Alan Hughes, Unity’s Chairman, said: “We are ambitious and energised by the encouragement of our existing shareholders – Big Society Capital and the Trade Union movement, who have participated in this capital raise and delighted to welcome SFRE as a new investor who shares so closely Unity’s vision and ‘double bottom-line’ philosophy. We’re confident Margaret and her team can continue Unity’s growth, tapping into the strong desire for a bank with integrity and a social conscience.”
Unity Trust Bank is a long-standing BSSEC member and we congratulate the bank and its staff on this achievement.