Unity Trust Bank has announced its 2017 annual results – with profits and new lending up by over 20 per cent.
Unity, based in Brindleyplace, Birmingham, operates as a commercial bank for firms and organisations which want to help create a better society and not just maximise profit.
It lent nearly £100m to businesses and projects that will deliver community, economic or environmental benefits last year.
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In addition Unity has attracted over £11 million of new investment from existing shareholders and a new investor: the Sustainability, Finance, Real Economies (SFRE) fund.
The investment helped Unity to buy bank remaining shares from The Co-operative Bank, meaning it is no longer a shareholder.
Margaret Willis, CEO of Unity Trust Bank 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.”
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.
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“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."
The SFRE Fund was launched in March 2015 by the Global Alliance for Banking on Values, a network of banking leaders from around the world committed to advancing positive change in the banking sector.
Justina Alders-Sheya, Fund Manager of the SFRE Fund: “This investment allows us to consolidate SFRE’s position in developed markets and to further align the fund’s portfolio between emerging and developed markets.
“We are excited to add this investment to our portfolio in light of the perfect mission alignment between Unity and SFRE. We look forward to work with Unity’s excellent management team.”