Overall lending increased by 21% to £1.01bn, from £836.6m in 2022, while after-tax earnings rose to £48.9m from £22.8m, resulting in a strong CET1 capital ratio of 19.7%, from 18.3% in 2022.
The company only uses customer deposits to lend to organisations that deliver quantifiable impact in local communities — Unity said its funding in 2023 helped support 1,458 care home spaces; 572 day care and education spaces and 7,143 jobs — It also provided affordable homes for 1,225 households and 452 properties benefited from retrofitting activities.
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Colin Fyfe, CEO at Unity Trust Bank (pictured above), said: “Surpassing £1bn in lending for the first time is testament to the principles that Unity was founded on 40 years ago, that a bank can deliver social purpose as well as sustainable commercial returns.
“Our 2023 objectives were achieved against a backdrop of turbulent economic conditions, and supporting our customers continues to be at the core of our strategy.
“The higher bank rate environment, alongside balance sheet growth, increased financial returns for Unity in 2023 and enabled us to continue to advance our purpose and our investment in customer services.”
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