Triodos Bank announces annual results and records €27.2m profit

Bevis Watts – Triodos Bank UK

Triodos Bank has today announced its annual results, and has reported profits of €27.2m, despite the impact of the COVID-19 pandemic.

During this financial year, the ‘sustainability bank’ Triodos co-financed 561 projects in the sustainable energy sector, with total generating capacity of 5,100 MW producing the equivalent of the electricity needs of 4.8 million households worldwide. It also financed the equivalent of 33 million meals produced in the organic farming and food sector.

Over the past 12 months, more than 38.4 million people provided with access to financial services via inclusive finance and 59,000 people provided with accommodation via social housing projects financed.

Overall, Triodos saw 15% growth in balance sheet to €13.9bn; 12% growth in sustainable lending; mortgage portfolio grew by 39%; and funds under management by investment management and private banking grew to €6.4bn. Total Assets under management increased to €20.3bn.

Peter Blom, Chair of the Executive Board and CEO of Triodos Bank commented: “In a year of exceptional global disruption, Triodos Bank has been able to realise positive impact and solid growth. Both our loan portfolio and investment management activities contributed to this growth. In the short term we have to deal with the economic challenges related to COVID-19, but we are convinced that in the medium and long term, the sectors we finance are well positioned to contribute to a reset of the economy. A reset that will lead to an economy that is more sustainable and more socially inclusive. Many of our customers and the businesses we finance are frontrunners in a rapidly changing economic paradigm and Triodos will support them in realising this ambition.”

Overall customers numbers in the UK grew by 20% in the year to more than 73,000. Customer deposits increased 22% to £1,413m (2019: £1,156m). The total UK loan book grew to £1,070 million (2019: £975m), an increase of 10% on 2019.

Triodos Bank UK has operated as a wholly-owned subsidiary of Triodos Bank N.V. since May 2019 and in 2020 realised £5.6m profit after tax.

Bevis Watts, CEO of Triodos Bank UK, said: “As well as broadening our offering, the popularity of our personal current account in the UK has been a significant driver of the growth in customer numbers. The pandemic is prompting more people to consider the impact of their money and it remains the most sustainable personal current account in the UK – an inspiring alternative to the still dominant, less sustainable large banks.

“When we launched the account we set a target of doubling overall customer numbers in the UK by 2021 and we are now broadly on track to achieve this. Ours is a strong model for what successful sustainable banking looks like and we remain steadfast in the promotion of responsible and transparent banking. We are proud of the support we have provided to our customers through COVID-19 at a time of real need and of the many inspiring organisations we finance across the country.”