Bristol-based ethical bank Triodos grows customer base 16 per cent year on year

Triodos Bank UK head office

Bristol-based ethical bank Triodos has grown its customer base by 16 per cent year in the last year, according to financial results released this week.

Customer numbers at Triodos Bank UK increased to 84,964 and customer deposits increased 13.8 per cent to £1.6 billion. The total UK loan book grew to £1.1 billion.

Triodos Bank UK Ltd realised £7.8 million profit after tax, to yield a 4.3 per cent Return on Equity – up from 3.2 per cent the previous year.

Bevis Watts, CEO of Triodos Bank UK, said: “We have been able to achieve strong results and customer growth despite the ongoing challenge of the Covid-19 pandemic and low-interest environment.

“Overall customer numbers have now almost doubled since we launched our personal current account in 2017.

“Tackling environmental and social challenges continues to be front of mind for many and, in this context, Triodos plays a vital role in the UK banking landscape.

“We not only finance organisations tackling these issues, but also strive for a banking world that is sustainable, transparent, and diverse.

“It is a bold ambition built upon fairness and compassion and we remain committed to work with energy and optimism towards a better future.”

Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain, and Germany as well as Investment Management activities based in the Netherlands but active globally. It has become a frontrunner in sustainable banking globally.

Its social and environmental impact for the year included:

Energy & Climate:

  • Launched #AsOneToZero commitment to become climate neutral by 2035 at the latest
  • 586 projects co-financed in the sustainable energy sector, with total generating capacity of 6,000 MW producing the equivalent of the electricity needs of 6.0 million households worldwide
  • 851 ktonnes of CO2 emissions avoided as a result of sustainable energy projects financed by Triodos Bank

Food & Nature:

  • Financed the equivalent of 34 million meals produced in the organic farming and food sector
  • Financed 33,000 hectares of nature and conservation land, representing around 440m2 of nature and conservation land per customer, important for the sequestration or absorption of CO2 from the atmosphere

Social Inclusion:

  • 17.8 million borrowers and 18.6 million savers were provided with access to financial services via inclusive finance in emerging markets through its investment funds
  • 59,000 people provided with accommodation via social housing projects financed
  • Co-financed 4,700 affordable spaces for creative work and cultural activities, such as workshops and music courses
  • 786,000 individuals benefitted from education initiatives financed by Triodos Bank