Basis for segmentation

Triodos Bank has the following branches and subsidiaries, which are reportable segments. These branches and subsidiaries operate in different countries and therefore are managed separately based on Triodos Bank's management and internal reporting structure.

Reportable segments

Operations

Bank Netherlands

Retail Banking, Business Banking and Private Banking

Bank Belgium

Retail Banking, Business Banking and Private Banking

Bank United Kingdom

Retail Banking and Business Banking

Bank Spain

Retail Banking and Business Banking

Bank Germany

Retail Banking and Business Banking

Investment Management

Impact investing taking place through investment funds or investment institutions bearing the Triodos name

Other

Head office, TRMC and an agency in France

Retail Banking: offer our customers products with a purpose including savings, payments, lending, private banking and investments.

Business Banking: lend money to organisations working to stimulate positive and lasting change.

Head office is organised into the following main departments: ICT, Finance, Treasury, Risk Management, Compliance, HR, Group Audit, Corporate Strategy, Legal, Marketing & Communications. The majority of Group Functions’ costs are allocated to the businesses.

TRMC: The primary objective is to manage non-consolidated entities that lend, invest or donate money that has as its main goal to make pioneering, transformative initiatives possible.

An Agency in France was established with the intention to set up a banking branch. In December 2019 Triodos Bank announced its decision to stop activies in France and decided not to establish a banking branch in France.

Information about reportable segments

Information related to each reportable segment is set out below. Segment profit before tax, as included in internal management reports reviewed by the Group’s Management Committee, is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate within the same industries. Inter-segment pricing is determined on an arm’s length basis.

Segment income statement for the year 2020

in thousands of EUR

Bank Netherlands

Bank Belgium

Bank United Kingdom

Bank Spain

Bank Germany

Total banking activities

Investment Management

Other

Elimination intercompany transactions

Total

External revenue

 

 

 

 

 

 

 

 

 

 

Material items of income and expense

 

 

 

 

 

 

 

 

 

 

- Net interest income

74,609

41,871

36,602

36,045

11,002

200,129

-125

-1,851

-

198,153

- Investment income

 

 

 

 

 

 

 

449

 

449

- Net fee and commission income

37,206

7,700

3,519

8,531

2,280

59,236

45,502

1,387

-

106,125

- Net income from other financial instruments at FVTPL

 

 

 

-1

 

-1

 

-360

-

-361

- Other revenue

160

1

-20

274

58

473

-19

279

-

733

Net intercompany revenue

682

9

-175

-558

-6

-48

-

48

-

-

 

 

 

 

 

 

 

 

 

 

 

Total segment revenue

112,657

49,581

39,926

44,291

13,334

259,789

45,358

-48

-

305,099

 

 

 

 

 

 

 

 

 

 

 

Personnel and other administrative expenses

-79,832

-34,224

-30,027

-34,391

-12,176

-190,650

-36,223

10,165

-

-216,708

- Depreciation and amortisation;

-699

-1,428

-1,009

-4,640

-491

-8,267

-456

-19,979

-

-28,702

Impairment losses on financial instruments

-4,442

-4,430

-3,349

-10,994

-1,009

-24,224

10

1

-

-24,213

 

 

 

 

 

 

 

 

 

 

 

Segment profit before tax

27,684

9,499

5,541

-5,734

-342

36,648

8,689

-9,861

-

35,476

Taxation on operating result

-6,365

-2,755

-439

1,717

-274

-8,116

-2,222

2,065

-

-8,273

 

 

 

 

 

 

 

 

 

 

 

Net profit

21,319

6,744

5,102

-4,017

-616

28,532

6,467

-7,796

-

27,203

 

 

 

 

 

 

 

 

 

 

 

Operating expenses/total income

71%

72%

78%

88%

95%

77%

81%

 

 

80%

Segment income statement for the year 2019

in thousands of EUR

Bank Netherlands

Bank Belgium

Bank United Kingdom

Bank Spain

Bank Germany

Total banking activities

Investment Management

Other

Elimination intercompany transactions

Total

External revenue

 

 

 

 

 

 

 

 

 

 

Material items of income and expense

 

 

 

 

 

 

 

 

 

 

- Net interest income

64,505

40,701

32,437

37,835

12,101

187,579

-54

-2,522

 

185,003

- Investment income

 

 

 

 

 

-

 

679

 

679

- Net fee and commission income

30,976

7,186

3,271

10,297

779

52,509

51,231

1,600

 

105,340

- Net income from other financial instruments at FVTPL

 

 

 

 

 

-

 

430

 

430

- Other revenue

-16

2

119

463

55

623

-10

127

 

740

Net intercompany revenue

538

-193

267

-266

-5

341

-50

3,500

-3,791

-

 

 

 

 

 

 

 

 

 

 

 

Total segment revenue

96,003

47,696

36,094

48,329

12,930

241,052

51,117

3,814

-3,791

292,192

 

 

 

 

 

 

 

 

 

 

 

Personnel and other administrative expenses

-71,917

-32,125

-27,910

-35,006

-12,260

-179,218

-34,793

-3,587

3,791

-213,807

- Depreciation and amortisation;

-1,365

-1,646

-964

-4,476

-518

-8,969

-731

-10,912

 

-20,612

Impairment losses on financial instruments

1,782

-1,411

-115

-3,566

-367

-3,677

-15

10

 

-3,682

 

 

 

 

 

 

 

 

 

 

 

Segment profit before tax

24,503

12,514

7,105

5,281

-215

49,188

15,578

-10,675

-

54,091

Taxation on operating result

-5,748

-3,929

-1,233

-1,486

-262

-12,658

-3,957

1,529

 

-15,086

 

 

 

 

 

 

 

 

 

 

 

Net profit

18,755

8,585

5,872

3,795

-477

36,530

11,621

-9,146

-

39,005

 

 

 

 

 

 

 

 

 

 

 

Operating expenses/total income

76%

71%

80%

82%

99%

78%

69%

 

 

80%

Selected assets and liabilities per segment 2020

in thousands of EUR

Bank Netherlands

Bank Belgium

Bank United Kingdom

Bank Spain

Bank Germany

Total banking activities

Investment Management

Other

Elimination intercompany transactions

Total

 

 

 

 

 

 

 

 

 

 

 

Loans and advances to customers

3,987,316

1,815,425

1,195,193

1,636,375

560,349

9,194,658

-

-

-37,948

9,156,710

Number of loans

35,980

5,134

5,950

20,540

14,124

81,728

 

 

-2

81,726

 

 

 

 

 

 

 

 

 

 

 

Total assets

6,696,893

2,354,844

1,830,507

2,434,715

787,177

14,104,136

33,122

1,782,579

-2,031,440

13,888,397

Funds under management

791,061

845,356

 

 

 

1,636,417

5,449,248

67,288

-791,061

6,361,892

 

 

 

 

 

 

 

 

 

 

 

Total assets under management

7,487,954

3,200,200

1,830,507

2,434,715

787,177

15,740,553

5,482,370

1,849,867

-2,822,501

20,250,289

 

 

 

 

 

 

 

 

 

 

 

Deposits from customers

5,271,173

2,082,155

1,577,467

2,216,340

613,518

11,760,653

-

-

-13,446

11,747,207

Number of accounts

462,714

85,254

84,170

201,016

34,223

867,377

-

-

-

867,377

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

6,241,472

2,097,279

1,628,010

2,245,571

689,325

12,901,657

14,012

569,752

-805,236

12,680,185

 

 

 

 

 

 

 

 

 

 

 

Average number of FTE's during the year

269.4

143.5

188.1

272.8

58.0

931.8

179.9

297.0

 

1,408.7

Selected assets and liabilities per segment 2019

in thousands of EUR

Bank Netherlands

Bank Belgium

Bank United Kingdom

Bank Spain

Bank Germany

Total banking activities

Investment Management

Other

Elimination intercompany transactions

Total

 

 

 

 

 

 

 

 

 

 

 

Loans and advances to customers

3,328,292

1,823,199

1,153,902

1,416,334

530,109

8,251,836

 

 

-42,822

8,209,014

Number of loans

34,586

4,933

4,342

21,586

12,539

77,986

 

 

-2

77,984

 

 

 

 

 

 

 

 

 

 

 

Total assets

5,299,578

2,441,784

1,628,131

2,265,034

696,169

12,330,696

37,476

1,817,288

-2,103,872

12,081,588

Funds under management

800,293

618,093

 

 

 

1,418,386

4,973,533

79,413

-800,293

5,671,039

 

 

 

 

 

 

 

 

 

 

 

Total assets under management

6,099,871

3,059,877

1,628,131

2,265,034

696,169

13,749,082

5,011,009

1,896,701

-2,904,165

17,752,627

 

 

 

 

 

 

 

 

 

 

 

Deposits from customers

4,667,266

2,129,446

1,370,870

2,044,238

504,484

10,716,304

 

 

-22,605

10,693,699

Number of accounts

443,173

87,740

71,694

203,816

24,393

830,816

 

 

 

830,816

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

4,872,994

2,139,788

1,420,673

2,071,042

581,986

11,086,483

13,833

612,507

-832,162

10,880,661

 

 

 

 

 

 

 

 

 

 

 

Average number of FTE's during the year

241.5

135.3

177.2

282.2

56.3

892.5

167.6

285.5

 

1,345.6

Reconciliations of information on reportable segments to IFRS measures

 

2020

2019

i. Revenues

 

 

Total revenue for reportable segments

305,974

295,983

Unallocated amounts

-

-

Elimination of inter-segment revenue

875

-3,791

 

 

 

Consolidated revenue

306,849

292,192

 

 

 

ii. Profit before tax

 

 

Total profit or loss for reportable segments

35,476

54,091

Unallocated amounts

-

-

 

 

 

Consolidated profit before tax

35,476

54,091

 

 

 

iii.Assets

 

 

Total assets for reportable segments

13,888,397

12,081,588

Other unallocated amounts

-

-

 

 

 

Consolidated total assets

13,888,397

12,081,588

 

 

 

iv. Liabilities

 

 

Total liabilities for reportable segments

12,680,185

10,880,661

Other unallocated amounts

-

-

 

 

 

Consolidated total liabilities

12,680,185

10,880,661