Our financial performance for the year ended 31 March 2023 marks a return to profit for the Bank after a period of investment in its people, risk management frameworks and the digital foundations project. Our shareholder subscribed for an additional £7 million of ordinary shares in March 2023 and continues to support the medium-term objective for the Bank to be sustainably profitable.
The Bank’s regulatory capital and liquidity positions as at 31 March 2023 are very strong and provide a robust foundation on which to launch the new 5-year strategic plan which will be approved by the end of 2023.
The Bank’s performance is measured not only through key financial objectives, but also through social impact metrics (‘Giving Money Meaning’) and customer service quality. All of the Bank’s objectives go hand-in-hand with the on-going mission of The Salvation Army worldwide. The Bank offers transactional banking services to more than 30 Salvation Army territories, providing a vital ‘safe haven’ for project funds, operational grants and a secure platform for international fund transfers for the global Salvation Army. The Bank offers these territories a comprehensive product range including current accounts and fixed interest products in GBP, USD & EUR as a UK domiciled bank.
The Bank fulfils the functional banking requirements of The Salvation Army’s International Headquarters handling their international cash management requirements and by providing banking services for International Officers working in the UK. The Bank also provides a wide range of banking services to The Salvation Army (UK Territory), and its trading, social housing and insurance subsidiaries.