Unity Trust Bank grows lending to £185m

Unity Trust Bank has announced positive growth in its full-year financial results for 2013, with an 8% growth in total assets to £717.5 million and a significant increase in profits to £2.3 million.

The announcement comes in stark contrast to figures released this week by the Co-op Bank – a part-owner of Unity – which today announced £1.3bn losses.

Unity also revealed that its loan portfolio had grown by 6% to £184.7m, while new customer lending was at £44m, 64% of 2012.  

CEO Richard Wilcox said: “The UK economic environment has continued to suffer during the ongoing recessionary climate and lending continues to be challenging. Despite this, the bank has achieved positive growth across all business areas in 2013. We have remained focused on lending to the social economy sector, where we endeavour to create positive social change through our business activity.”

The bank will also shortly release its second social impact report, in which it is expected to reveal that it has created and protected more than 2,000 jobs and given 113.5 days of staff time to volunteer in local communities. It is also the first UK bank to be accredited for paying the Living Wage.

In January 2014 the Co-op Bank announced its intention to sell its 27% shareholding in Unity Trust Bank. Commenting on this, Richard Wilcox said: “We continue to work closely and positively with the Co-operative Bank, the Regulator and our other major trade union stakeholders to effect a smooth transition as we move towards a wholly independent business model. We remain on track to conclude the share sale during this calendar year and look forward to welcoming and working with new shareholders as we continue to further develop our unique socially centred business plan.”

Photo credit: Ken Teegardin, Flickr