A diverse and expanding customer profile
Figures compiled by Kingdom Bank have confirmed the continued development of its business over the last 12 years since its commercial launch. When the Bank commenced trading the majority of its business was with Assemblies of God Churches. This was largely as a result of its previous Charity status.
Lending by the Bank has expanded in recent years with a greater focus on enabling people and projects which change lives for good. New mortgage products have been created to help the purchase of property for projects which support the homeless, the vulnerable and refugees. Providing finance to Church workers and Missionaries has also been developed. This expansion is in addition to the core business of lending to Church projects which focus on building God’s kingdom.
In 2016 there were 42 loans approved with 28 to Churches from a wide background including Pentecostal, Evangelical and Anglican often including social action focussed projects. Other loans were provided to stand alone social action projects as well as lending to Church workers and ministers. The total loan book reached a new record high of £35m while customer deposits stood at £44m and total assets reaching £51m.
The Bank’s insurance brokering business continued its growth and provides specialist advice to over 1,200 churches across the UK.
Overall these figures show the developing trend of Kingdom Bank providing a valuable contribution to the whole Church in the UK, building on its heritage within the Pentecostal movement.