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Triodos Bank (Group)

The total amount of assets under management, including Triodos Bank and the investment funds and Private Banking, grew by EUR 1.3 billion, or 19%, to EUR 8.0 billion. (impact statistic)



In 2012, Triodos Bank’s income grew by 18% to EUR 152 million (2011: EUR 129 million). Triodos Investment Management contributed EUR 23 million to this figure (2011: EUR 23 million). In 2012, commission income amounted to 31% (2011: 35%) of total income, in line with expectations.

The total amount of assets under management including Triodos Bank and the investment funds and Private Banking grew by EUR 1.3 billion, or 19%, to EUR 8.0 billion.

Triodos Bank’s balance sheet total grew by 23% to EUR 5.3 billion thanks to a steady growth of the funds entrusted and a successful share issue. Growth of between 15 to 20% was expected.

Triodos Bank’s total number of customers increased by 23%, against expected growth of between 15 to 20%. By the end of 2012, Triodos Bank had more than 437,000 customers. This demonstrates that a growing number of people are continuing to make a much more conscious choice about how and where they want to bank.

In 2012, the ratio of operating expenses against income was 66% (2011: 70%). This is due to higher income from interest and commissions from lending activity combined with a strict control of expenses.

Net profit of EUR22.6 million, up 31% on 2011. (impact statistic)

Profit before tax and loan provisioning increased from EUR 38.8 million to EUR 51.5 million thanks to growth of both the balance sheet and funds under management, and better efficiencies. Net profit of EUR 22.6 million was up by 31% (2011: EUR 17.3 million). Loan loss provisions were slightly higher at 0.67% of the average loan book, compared to 0.63% of the loan book in 2011.

Triodos Bank delivered a return on equity of 4.5% in 2012 (2011: 4.3%). The medium-term objective is to grow the return on equity to 7% of Triodos Bank’s equity in normal economic conditions. This target should be seen as a realistic, long-term average for the type of banking activity that Triodos Bank engages in. The branches have proven that they can achieve this level of profitability in stable economic and financial conditions. The troubled economic and financial climate has lead to central banks keeping interest rates artificially low, and to above average provisions in the loan portfolio. This was unfavourable for Triodos Bank, and means the return on equity remained below 7% in 2012, as expected.

The time frame within which Triodos Bank realises this 7% return on equity objective will also depend on opportunities in the growing sustainability market. In the current market, while Triodos Bank will continue to work on improving its profitability, it does not expect to reach this target in the next three years.

Earnings per share, calculated using the average number of outstanding shares during the financial year, were EUR 3.37 (2011: EUR 3.18), a 6% increase. The profit is placed at the disposal of the shareholders.

Triodos Bank proposes a dividend of EUR 1.95 per share (2011: EUR 1.95). This means that the pay-out ratio (the percentage of total profit distributed as dividends) will be 58% (2011: 61%).

Triodos Bank's total number of customers increased by 23%, against expected growth of between 15 and 20%. By the end of 2012, Triodos Bank had more than 437,000 customers. (impact statistic)

Triodos Bank increased its share capital by EUR 96 million, or 25%, thanks to depository receipt issue campaigns targeting retail investors in particular, which ran throughout the year in The Netherlands, Belgium, the United Kingdom and Spain.

The number of depository receipt holders increased from 21,638 to 26,876. Equity increased by 25% from EUR 451 million to EUR 565 million. This increase includes net new capital and profit (minus a dividend). In 2012, an internal market for the buying and selling of depository receipts for shares continued to operate effectively. At the end of 2012, the net asset value for each depository receipt was EUR 75, compared to EUR 74 at the end of 2011.

From the start of 2008, the BIS ratio (capital adequacy ratio), an important measure of a bank’s solvency, has been calculated according to the Basel II guidelines. At the end of 2012 the BIS ratio was 16.0% (2011: 14.4%). The Core Tier I ratio was 15.9% (2011: 14.0%).