Charity Bank Reports Record Lending and Expands Impact

Charity Bank, the ethical bank dedicated to supporting charities and social enterprises, has announced its annual results for the year ended 31 December 2024, highlighting a year of record lending, strong financial performance, and deepening social impact.

In 2024, Charity Bank approved a record £85.4 million in new loans and disbursed £70 million to 104 charities and social enterprises across the UK. The bank’s net loan portfolio grew to £331 million, up from £285 million in 2023.

The bank reported a net profit of £4.9 million. Deposits increased by 13% to £387.2 million, reflecting growing public confidence in values-driven banking.

Ed Siegel, CEO of Charity Bank commented “Charity Bank is not an ordinary bank. We’re a community of people working to bring about positive social change. We’re here to align financial resources with values and a commitment to social progress.

In 2024, we raised the bar and deepened our impact. We reached more underserved communities, supported a greater number of diverse-led organisations, and helped more charities navigate economic challenges. Every pound deposited with us is a vote for a fairer, more inclusive society.”

Delivering on Our Impact Strategy

Charity Bank made strong progress on its Impact Strategy in 2024. Of all loans approved:

• 44% went to first-time borrowers or those unlikely to secure funding elsewhere,
• 77% supported communities in the lowest 50% of the indices of deprivation, and
• 30% were to diverse-led organisations.

Launch of the Brighter Futures Fund (BFF)

In Q4 2024, Charity Bank launched the Brighter Futures Fund (BFF) — a donor-advised grant fund designed to support organisations not yet ready for loan finance. The fund is backed by £830,000 in contributions from Charity Bank’s 2023 and 2024 profits, plus £41,081 in waived shareholder dividends.

By May 2025, the BFF had:

• Awarded £429,000 in grants, with a further £315,000 approved.
• Enabled £2.4 million in social loan financing.
• Supported 15 organisations, including 12 diverse-led and 14 based in the UK’s most deprived areas.

-Ends-

Footnotes: 

• The full link to our annual accounts is here: Charity-Bank-2024-Annual-Report-signed.pdf
• First-time/unlikely to be approved: First Time or Declined Borrower Approvals: Includes first-time borrowers, those who have only borrowed from Charity Bank, those declined by other lenders, and those who considered it unlikely that they would be able to access finance elsewhere.
• Most deprived communities: Deprived Communities Approvals (lowest 50%) Index of Multiple Deprivation (IMD) is the measure used to assess relative deprivation in UK.
• Diverse-led: We define “diverse-led” as borrowers having 50% or more of the Senior Management Team (SMT) or Board identifying with one or more of the following diversity categories: Black, Asian, and/or Global Majority, individuals with long-term health issues or disabilities, or LGBTQIA+
• BFF: data from September 2024 – May 2025.