Negative interest expense other
Total interest income calculated using the effective interest method
The interest income includes revenues derived from loans and related transactions, as well as related commissions, which by their nature are similar to interest payments. The interest-bearing securities item does not include transaction results (2019: nil).
The interest income includes revenues derived from loans provided to consolidated participating interest in the amount of EUR 175 thousand (2019: EUR 160 thousand).
Exchange results for foreign currency transactions
Transaction results on currency forward contracts
Realized results assets not in use *
Income assets not in use *
Hedge accounting ineffectiveness
The other income relates to fees for other services performed and results from asset disposals.
Other administrative expenses:
Average number FTE's during the year**
Amortisation of intangible fixed assets
Impairment of intangible fixed assets
Amortisation & impairment charge for the year
Depreciation of property and equipment
Impairment of tangible fixed assets
Amortisation & impairment charge for the year
Depreciation has been reduced by the part that is charged on to related parties.
This item consists of expenses associated with write-downs on loans and other receivables.
Prior year taxation on operating results have been adjusted for an amount of EUR 1,409. For further explanation see the general accounting principles.
Reconciliation of effective tax rate
Result before taxation
Statutory tax rate
Statutory tax amount
Income Non Taxable
Tax Deduction Not Expensed
Expenses Non Deductible
Impact tax rate differences - stat rate foreign jurisdictions
Restatement of deferred taxation items as the result of amended tax rates
Incentives for gifts, community investment and innovation
Other reconciling items
Effective tax amount
Effective tax rate
The end of 2020 was marked by an increasing number of Covid-19 infections across Europe leading to additional measures taking in the affected countries. The economic consequences for vulnerable individuals and firms resulted into additional governmental support. Triodos Bank monitors the potential and social implications for the countries and sectors where it is active. Mitigating actions have been taken and will be adapted as necessary as we keep on supporting our customers. The uncertainties and sensitivity that accompanies the pandemic is captured in the allowance for expected credit losses as calculated by Triodos Bank. The reflection of this ongoing event has therefore been captured in the financial valuations as per 31 December.
Triodos Bank has temporarily stopped offering depository receipts as from 5 January 2021. A trade pattern has emerged where the number of sell orders outweighs the number of buy orders for Depository Receipts. This trend emerges despite the financial health of the bank, as our capital and liquidity ratios remain well above regulatory minimum levels. The ongoing uncertainty around the Corona crisis and its longer-term economic effects have not disappeared, on the contrary, further lockdown and other restrictions are seen globally. Relevant measures are investigated to achieve balanced trading. The details of possible new measures are considered relevant information for making an informed investment decision.
Peter Blom, our CEO, has decided to step down from his role, having worked at Triodos Bank for forty years. He will leave Triodos Bank at the end of this year’s Annual General Meeting, on 21 May 2021.
Jellie Banga decided to step down from her role as Vice-Chair of the Executive Board and the Chief Operating Officer effective May 1, 2021. In reviewing the scope of Jellie’s role, Triodos Bank has decided to split her role into a COO role – focusing on the operating side of the bank – and a Chief Commercial Officer (CCO) role - focusing on the commercial side of the bank. This will bring the total number of Executive Board members to five.
Fitch Ratings (Fitch) announced on 16 February 2021 it has assigned Triodos Bank a Long-Term Issuer Default rating at ‘BBB’ with a stable outlook and a Viability Rating at ‘bbb’. Fitch’s rating analysis was done at the request of Triodos Bank. The rating gives Triodos Bank a better position on the financial markets should the need arise. It will improve access to institutional debt funding and potentially reduce the cost of funding. Therefore, it supports the banks financial health. The Stable Outlook reflects Fitch’s view that Triodos Bank’s ratings have sufficient headroom at their current level to absorb significant shocks under various scenarios to Fitch’s baseline economic forecast.
Zeist, 17 March 2021
Aart de Geus, Chair
Peter Blom, Chair
Fieke van der Lecq, Vice-Chair
Jellie Banga, Vice-Chair
Ernst Jan Boers
Carla van de Weerdt