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.
