Margaret Willis

Commercial bank reports 288% profit increase




Unity Trust Bank has almost quadrupled its profits during its first year as an independent business.

The bank – which lends to organisations and businesses that aim to create community, economic or environmental benefit – posted a 288% year-on-year rise in underlying profit before tax for 2016.

The period marked Unity’s first year as a fully independent bank, having bought back 20% of the Co-operative Bank’s controlling interest in December 2015.

Margaret Willis, CEO of Unity Trust Bank (pictured above), said: “We have strengthened our position as a commercial bank with a social conscience and leveraged the bank’s financial strength to deliver on our commitments to our customers.

“We measure our performance through a double bottom-line strategy, assessing financial returns alongside social impact.”

Unity’s growth was accompanied by a 26% rise in lending and a more than threefold increase in the number of loan approvals during 2016.

Over the past 12 months, the bank’s lending has also helped to create 1,895 jobs and supported the establishment of more than 1,000 bed spaces in care facilities.

Unity stated it now has ambitious growth plans and strong foundations to meet the challenges of the current marketplace.

Margaret added: “Social impact remains at the heart of everything we do.

“We continue to work with SMEs and socially minded organisations who share our values and philosophy and who aim to have a positive impact on society.

“We would like to thank all our customers and shareholders for their continued support and sharing in our determination to make positive and lasting change to the communities we collectively serve.”

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