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Charity Bank continues its impressive growth in 2011
Consumers want more from their investments than just financial return. Unlike other ‘charity’ accounts, 100% of our depositors’ money is invested in charities and social enterprises.
Charity Bank’s chief executive, Malcolm Hayday
The latest figures from Charity Bank, the only regulated bank in the UK that is also a registered charity, reveal that more UK consumers than ever are choosing social banking as a means to invest their savings, reports Tiffany Casey.
Deposits in the bank have increased from £44m at the end of 2009 to an impressive £60.3m in June 2011. Such increased investments allow the bank to give more social enterprises, charities and local community organisations crucial loans.
The bank has now lent more than £150m since it was registered in 2002 and is growing at an impressive rate. In the first six months of 2011, Charity Bank lent £8.7m to organisations within the social sector. This compares to £8.5m in loans for the whole of 2009.
With £14.5m of agreed loans awaiting drawdown in the coming months this strong growth looks set to continue. Charity Bank’s figures also show that it has recorded its first sustained period of profit with a six month surplus of £243k. Its charitable status means all of this will be reinvested for charitable purposes.
Charity Bank CEO Malcolm Hayday believes that the growth of Charity Bank proves ‘consumers want more from their investments than just financial return'.
Hayday said: ‘The growth of our loan book and deposits show that we are responding to this demand. Unlike other ‘charity’ accounts, 100% of our depositors’ money is invested in charities and social enterprises.
‘With the help of our depositors and investors, we have been able to more than double our drawn loans to charities and social enterprises since the start of the credit crunch’.
Matt Black from SocialEnterpriselive.com met with Hayday at the Charity Bank AGM on 19 May where he hinted at the success the bank was having. Watch the video below to find out more about Charity Bank's growth plans and Hayday's views on the Big Society Bank.
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