More people opting for social banking says Charity Bank

Finance | Kirsty Weakley | 1 Aug 2011

Figures from Charity Bank show deposits have grown by £6.3m in the first six months of this year as it records its first period of sustained profit.

This brings the total deposits in the bank to more than £60m. In the same period Charity Bank lent £8.7m to organisations in the social sector and expects growth to continue.

The bank, which is a registered charity, recorded a six-month surplus of £243,000, all of which will be reinvested for charitable purposes.

With £14.5m of agreed loans awaiting drawdown in the next few months it is considering growing its balance sheet from £75m today to £200m in the next four years.

Malcolm Hayday (pictured), chief executive of Charity Bank, said: “Out latest financial figures support the idea that consumers want more from their investments than just financial return.”

Success in the North

Meanwhile, a study by the Centre for Regional Economic and Social Research found that Charity Bank in the North exceeded its targets to assist the voluntary and community sector in Yorkshire and Humber.

Achievements include an Investment Readiness workshop programme which has helped more than 600 local organisations and the establishment of a £7.5m loan fund for the sector.

Charity Bank also opened a new North of England office in York and has signed more than 100 loan agreements.

Hayday said: “We have exceeded our initial targets, but there is still a lot of work to be done to in changing attitudes and approaches to funding.”

Directory: Charity Bank Ltd
Who's Who: Malcolm Hayday

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