Charity Bank announces 'first sustained period of profit'

Social lender says it has increased levels of spending and has made bigger loans

Malcolm Hayday, Charity Bank chief executive
Malcolm Hayday, Charity Bank chief executive

The social lender Charity Bank has announced its "first sustained period of profit" with a £243,000 surplus in the first half of this year.

The lender, which was formed in 2002, had expected to move into surplus last year, but was held up by the recession, according to Malcolm Hayday, its chief executive.

He said the bank had significantly increased the level of lending and made bigger loans, and this had helped it move to a six-month surplus of £243,000.

The bank also grew deposits by £6.3m to £60.3m over the period.

The level of the bank’s net lending dropped to £8.7m over the period, from £21m in the same period the previous year.

Hayday said the figures primarily reflected the fact that the bank had had several significant repayments. The bank expected to increase net lending again in the future, he said.

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