Ownership of United Trust Bank

Ownership of United Trust Bank

Record-Breaking Year Despite Tough Times

United Trust Bank (UTB) had a great year in 2022. They made much more money than before, even though things were hard for many people and businesses in the UK.

Profits Up Big Time

UTB’s profits increased 35% last year to £60.2 million before taxes. This is excellent news for the bank.

Lending More Than Ever

One big reason for their success was that they lent more money than ever. UTB gave out £1.9 billion in new loans in 2022, a record for them.

Doing Well Even When Things Are Tough

The UK had some tricky times last year. Prices went up a lot, which is called inflation. The Bank of England also made it more expensive to borrow money. But even with these problems, UTB did well.

Inside the Numbers

Let’s look at some of the critical numbers from USB’s report:

More Money Coming In

The bank’s operating profit went up by 22%. They made £61.9 million this way. This happened because:

• They lent out more money
• They kept their interest rates steady
• They were careful about spending

Good News for Investors

UTB’s Return on Equity was 21.7%. This means the bank is using its money well to make more money.

Growing and Improving

UTB didn’t just sit back and count their money. They worked hard to get better:

Going Digital

The bank spent money on new computer systems. This helps them work faster and better.

New Products

They made new kinds of loans and accounts for their customers.

More Workers

UTB hired more people to help with the new business, and its staff grew by 17% in 2022.

Winning Awards

Other people noticed how well UTB was doing. Last year, they won 21 awards, one of which was for being the best Specialist Lender.

Big Numbers for 2022

Here are some essential facts about UTB’s year:

• New loans: £1.9 billion
• Profit before tax: £60.2 million
• Total loans at year-end: £2.4 billion
• Total deposits at year-end: £2.2 billion
• Return on Equity: 21.7%

What does the Boss say?

Harley Kagan, the head of UTB, talked about the year. He said:

“It’s been a tough year for many people and businesses. 2023 might be hard, too. Prices are increasing, and heating homes and running businesses costs more. It’s also more expensive to borrow money. We know this is putting pressure on everyone’s wallets.”

He also said:

“Our workers have had to deal with a lot of changes. We’ve grown a lot, and the markets have increased. But they’ve done a great job.”

Unity Trust Bank: Banking for Good

A Different Kind of Bank

Unity Trust Bank is not like other banks. They focus on helping groups that do good things. Let’s learn more about them.

Who They Help?

Unity Trust Bank works with:

• Trade unions
• Charities
• Other groups that don’t try to make money
• Since 2015, they have also helped businesses that want to make money AND do good things

Where Are They?

The bank’s main office is in Birmingham. It’s at a place called Four Brindley Place.

How They Started?

Unity Trust Bank began in 1984. At first, they could only take deposits. In 1987, it became an entire bank.

Who Owns the Bank?

Trade unions owned most of Unity Trust Bank for a long time, and the Co-operative Bank owned a small part, too.

In 2015, things changed:

• Unity bought back some shares from The Co-operative Bank
• This made The Co-operative Bank’s part smaller
• New people and groups bought shares in Unity Trust Bank

Now, The Co-operative Bank doesn’t control Unity Trust Bank anymore.

What Makes Unity Trust Bank Special?

Unity Trust Bank is different from other banks in some critical ways:

Helping Others

Unity Trust Bank wanted to do good things for everyone when they started. They still think this way.

Being Responsible

The bank tries to lend money in ways that help people and don’t hurt the earth.

Making Customers Happy

In 2015, Unity Trust Bank did well in a survey. Charities said they liked Unity Trust Bank better than other banks in 8 9 ways.

Paying Workers Well

In 2013, Unity Trust Bank was the first bank in Britain to promise to pay all its workers enough to live on. This is called the Living Wage.

Changes in Recent Years

Unity Trust Bank has made some significant changes:

New Partners

Until 2015, The Co-operative Bank helped Unity Trust Bank with some of its banking work. Now, Unity Trust Bank works with NatWest for these things.

The Co-operative Bank Selling Its Part

In 2014, The Co-operative Bank had some money problems. They needed to sell things to get more money. One thing they sold was their part of Unity Trust Bank.

Looking to the Future

Both United Trust Bank and Unity Trust Bank had significant years in 2022. They’re both trying to do well and do good at the same time.

United Trust Bank

UTB made a lot of money but knew its customers might be struggling. So, it’s trying to help while doing well as a business.

Unity Trust Bank

Unity Trust Bank continues to focus on helping groups that do good things. They’re showing that a bank can make money and help others simultaneously.

Both banks are examples of how banks can do more than make money. Even when times are tough, they try to help people and businesses. As we go into 2023 and beyond, it will be interesting to see how these banks keep growing and helping their customers.