Unity Trust Bank profits up 18%

Lack of exposure to sub-prime lending has led to growth, says social lender

Social lender Unity Trust Bank has announced an increase in pre-tax profits and retail deposits in 2008.

The bank's profits increased to £7.08m in the year to the end of December 2008, up 18.2 per cent from £5.95m in the same period the year before.

Total retail deposits increased by 2.9 per cent to £509.8m, and the value of the bank's loan portfolio increased by 56.3 per cent from £74.9m to £117.1m.

"Our customers are heartened by the knowledge that we have no exposure to sub-prime lending, no toxic debt and we haven't needed government funds to support us," a spokesman for the bank said.

"Instead, we provide what our customers have always wanted from a bank – a safe, secure home for their deposits and a continued source of borrowing."

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Unity Trust Bank

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