UNITY Trust Bank has announced its profits and customer account balances reached record levels in the year ended December 31, 2004.
The specialist bank for charities – owned by a number of trade unions and the Co-operative Bank – is celebrating its 21 year milestone with its highest ever profits of £ 4.3 million, up from £ 4.1 million in the previous year.
Dividends also hit a record level, rising from 7p per share to 7.5p, an increase of over seven per cent. This is the ninth successive year that dividends have increased.
Ian Sim, Managing Director, said: "For 21 years Unity has operated on a set of ideals as a socially responsible bank, committed to working in partnership with others to achieve a positive impact on the community.
"Unity's coming of age has proved we were right to make a commitment to a different way of doing things. Our approach has meant we have been able to help a wide range of valuable organisations.
"These range from charities at the forefront of radical drug and alcohol misuse support to campaign organisations fighting to end child poverty and encouraging greater commitment to corporate social responsibility."
Dave Prentis, President of the bank, said: "Unity has been embraced by the third sector because we had the confidence to stand by our customers and look to the longer term, not quick profit. As a result, Unity really has helped to change society."
The bank's credit union development fund distributed almost £ 34,000 to 37 credit unions in the year. Since this initiative was started six years ago, £ 57,000 has been distributed in grants to 111 credit unions.