CHARITY BANK GOES FROM STRENGTH TO STRENGTH
Charity Bank, which uses its depositors’ money solely to support charities and social enterprises, has announced an increase in both sides of its balance sheet.
Outlining its 2008 results at its AGM last month, Charity Bank revealed that deposits grew by almost 7% in 2008 and had topped £40 million by the beginning of May 2009.
Thanks to the success of products like the Charity ISA, it has seen its depositor base increase to almost 2000, up 39% in three years.
On the other side of the balance sheet, loans to charities and community projects grew by 39% year on year, to £27.3m in 2008, and by 40% in the year to April 2009 - a six fold increase since December 2002.
The organisation expects that the level of drawn loans, which currently stands at £29.4m, will break through £30m for the first time ever in June.
Says the Chief Executive of Charity Bank, Malcolm Hayday: “The fact we’re lending to more organisations than ever, and still have a negligible default rate, is proof of the need for a bank that serves just charities, community groups and social enterprises.
“Thanks to the support of our depositors, these organisations are able to achieve great things with relatively modest sums.”
For more information about its range of accounts, visit www.charitybank.org or call the deposits team on 01732 774040.
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