Unity Trust Bank marks 40 years of impact with increase in lending to areas of high deprivation

Unity’s overall lending remained at over £1 billion with 50.5% (2023: 45.3%) committed to high deprivation areas, where it is needed most. 

Customer balances rose to a record £1.7 billion (up 10% from 2023) as more socially-minded organisations chose to place their deposits with Unity, so they could be used to improve the quality of life in local communities. 

Unity strengthened its digital offering and customer-facing services with an 82% increase in investment in its UK-based contact centre, nationwide network of relationship managers and supporting customers with sector specialisms in healthcare, social housing, trade unions, charities and local councils. 

Pre-tax profit increased to £65.8 million (2023: £63.9m), resulting in a strong CET1 capital ratio of 24.1% (2023: 19.7%). 

In 2024, Unity’s funding in the West Midlands helped to create or support 871 jobs. 

Unity continues to engage with sector leading initiatives to improve the best practice standards for impact reporting, such as the ‘ABCs of Enterprise Impact’. Customers in the West Midlands, such as Isatlas, a nursery providing over 200 early years childcare spaces across the region, demonstrate the impact created by Unity customers. 

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.” 

By choosing Unity, whose mission is to create a better society, customers enable the bank to provide loans to organisations that address social, economic or environmental needs. 

Each of Unity’s lending decisions is measured against the United Nations’ Sustainable Development Goals (SDGs) to ensure it is delivering impact. 

In 2024, outcomes included creating or protecting 3,194 jobs and supporting 1,798 care beds; 1,806 day care spaces; 216 education spaces; and 1,109 affordable homes. 

Aligned to its double bottom line, Unity set its net zero target for 2045 as part of its ‘Banking on Sustainability’ approach to supporting customers and communities to thrive in a low carbon economy. 

After launching its Retrofit Transition Initiative (RTI) in 2023, which ringfenced finance for housing association customers to decarbonise their properties, Unity doubled its lending commitment to £50 million last year. RTI supported 931 homes in decarbonisation work through retrofitting activities. 

Of the total £137 million lending committed in 2024, 33% went to organisations specifically supporting disadvantaged or marginalised groups as classified through the ‘ABCs of Enterprise Impact’. 

Unity received the prestigious King’s Award for Enterprise for Sustainable Development in recognition of its work supporting socially-minded customers and its own commitment to responsible business practices. It was also named in The Sunday Times’ Best Places to Work. 

Unity made three appointments to its Executive Committee, promoting Penny Hogan to Chief Financial Officer and Joshua Meek to Chief Impact Officer and recruiting Niki Barker as the bank’s first Chief People Officer. 

As part of Unity’s 40th birthday year, the bank exceeded its pledge to make £40,000 in charitable donations by awarding over £50,500 to good causes across the UK. 

It launched the inaugural Unity Impact Grant programme, designed to support community-enhancing projects. In December, six successful recipients were awarded £5,000 each; including a ‘staff choice’ grant from Unity’s voluntary salary contribution for organisations delivering impact. 

The initiative is part of the bank’s employee-led ‘Unity & Me’ programme, which was established to empower staff to deliver positive outcomes for employees, communities and the planet. 

Colin Fyfe, CEO of Unity Trust Bank, added: “As we reflect on another year of success, we’re proud to continue our 40-year heritage of delivering social good for communities and individuals most in need. 

“The commitment to our founding mission is just as strong today and we look forward to driving forward future growth and positive impact through socially-responsible banking.”