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Strength of Unity Trust.

The Birmingham-based trades union bank is making a push for business customers in the Midlands after producing record profits last year.

Chairman Sir Dennis Landau said Unity Trust Bank was in a strong position to grow, with expanding the corporate side a priority.

Unity is also doubling its dividend, with the union shareholders and the Co-operative Bank splitting more than pounds 200,000.

Profits increased by 39 per cent to pounds 1.78 million as Unity picked up new customers from the charity and voluntary sectors.

The result was also helped by a reduction in provisions for bad debts by pounds 150,000 to pounds 500,000.

Unity's subsidiaries and joint venture operations showed a major turn around with some making a profit for the first time. Investment funds under management increased by pounds 30 million to pounds 190 million.
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Publication:The Birmingham Post (England)
Date:Apr 23, 1998
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