The 2023 Annual Report was also published today and is available here: www.annual-report-triodos.com
Meaningful positive impact
- First bank to join the global campaign for a proposed Fossil Fuel Non-Proliferation Treaty
- EUR 23.2 billion (2022: EUR 22.6 billion) of total assets under management directed towards positive impact in our five transition themes and residential mortgages
- Named most active clean energy lead arranger globally by total number of deals (140)
- Ranked #3 in the global 2023 Sustainable Banking League Table
Improved return and solid financial position
- Net profit increased by 55% to EUR 77.2 million (2022: EUR 49.8 million)
- Return on Equity (RoE) increased by 2.1% points to 6.1% (2022: 4.0%)
- Cost to Income ratio (C/I) improved by 7% points to 73% (2022: 80%)
- Triodos Bank remains well capitalised, with a CET1 ratio at 16.7% (2022: 17.3%) and Total Capital Ratio at 20.4% (2022: 21.0%)
- Proposed final dividend of EUR 2.84 per Depository Receipt (DR). Including the interim dividend of EUR 1.23 per DR, this results in a total dividend of EUR 4.07 per DR
Strategic and Operational Highlights
- Continued significant lending to small and medium-sized enterprises and entrepreneurs in all five countries where Triodos Bank operates
- Commercial initiatives such as 'Save Fossil Free' and improvements to our cards and banking apps underpinned steady growth of customer base to over 746k
- Significant progress in implementing our operating model to deliver increased positive impact, completing implementation in 2024 with full benefits in 2025
- Listing of Depository Receipts on a multilateral trading facility (MTF)
- The Dutch Central Bank (DNB) informed Triodos Bank that it has closed the instruction given in March 2019, to remedy shortcomings in adhering to legislation concerning anti-money laundering and countering financing of terrorism
Jeroen Rijpkema, CEO and Chair of the Executive Board: “The strong results we achieved in 2023, the best ever in Triodos Bank’s history, demonstrate that our business model to combine positive impact with solid financial results is fulfilling a need. We face major climate, economic and social challenges which require the conscious use of money, and by continuing to be a frontrunner in financing positive change, we enable our community of investors, customers, co-workers and other key stakeholders to address these challenges. I am convinced that Triodos Bank’s mission is more relevant than ever.
Next to the strong performance of the bank in 2023, we also made progress on operational and strategic objectives. We grew our customer base by attracting new customers who look for their bank to make positive impact and to provide the services they need. We made significant progress redesigning our operating model, a transition that will be fully implemented in 2024. And tradability in Depository Receipts (DRs) was restored through their listing on a multilateral trading facility (MTF). We recognise that tradability needs to be further enhanced as trading volumes and price formation to date do not meet the expectations of many DR Holders. Triodos Bank will continue to enhance tradability indirectly by improving our business activities to create positive impact and achieving our Return on Equity and Cost to Income targets. We committed to evaluating the MTF after six months and this work is now fully underway. I look forward to sharing the outcomes of the evaluation, our conclusions and next steps at our Annual General Meeting (AGM) on 17 May 2024. At this AGM, our Depository Receipt Holders will be able to vote for the first time, an important step forward in our process of modernising the governance of the bank.
In summary, we made great strides in 2023 on many fronts and are committed to continue putting money to work for positive impact to the benefit of all our stakeholders.”
Download the Triodos Annual Results 2023 Infographic
Audio webcast details
Management will host an audio webcast for investors and analysts on 14 March 2024 at 10:30 CET.
Click on the link below to attend the presentation from your laptop, tablet or mobile device. Audio will stream through your selected device, so be sure to have headphones or your volume turned up.
Link to audio webcast: https://channel.royalcast.com/landingpage/triodosbank/20240314_1/
A full replay of the presentation will be available at the same link shortly after the conclusion of the live presentation.