• Triodos Bank launched first-ever biobased mortgage in The Netherlands, stimulating homeowners to use ecological building materials and offering a reduced interest rate for bio-based homes
  • Triodos Investment Management launched the Triodos Future Generations Fund, which is a thematic fund aimed at improving the wellbeing and development of children worldwide
  • Triodos Bank reports a net profit of EUR 18.8 million after tax for the first six months of 2022, compared to EUR 27.7 million in the same period last year. This was driven by:
    • higher revenues of EUR 174.4 million (+5% compared to the first half year 2021)
    • lower impairments resulting in a gain of EUR 1.9 million (EUR 1.2 million in the first half year 2021)
    • one-off costs for the provision for the announced reorganisation (EUR 6.0 million) as well as the external litigation costs regarding DRs and external costs of the transition towards the intended MTF listing (EUR 1.3 million)
  • The net profit excluding the aforementioned one-off costs amount to EUR 24.2 million (first half year 2021: EUR 27.7 million). This results in an adjusted annualised RoE of 3.9% for the period and adjusted C/I ratio of 83%
  • Triodos Bank’s Total Capital Ratio (TCR) developed from 21.3% in December 2021 to 21.4% in June 2022. The CET-1 ratio of 17.6% per end June 2022 (December 2021: 17.5%) is in line with expectations and well above internal hurdle rates
  • Triodos Bank is well on track to deliver a solution for the tradability of its DRs in the first half of 2023. Captin B.V. (Captin) has been appointed to provide the platform for this multilateral trading facility (MTF)

Jeroen Rijpkema, Chair of the Executive Board and CEO of Triodos Bank:

“The first 6 months of 2022 have been impacted by challenging circumstances in terms of geopolitical, economic, and societal developments. Triodos Bank has delivered adequate financial results and safeguarded its solid financial position. The launch of the first-ever biobased mortgage reconfirmed our frontrunner role in sustainability and our distinctive position as a mission driven bank. Resolving the suspension of trade in our depository receipts remains a key priority for Triodos Bank. The appointment of Captin as MTF platform provider is an important step towards the listing of our DRs on an MTF that is still planned for Q2 of 2023.”

Banking activities

In the six months to 30 June 2022, Triodos Bank increased its lending portfolio with 3%, (first six months 2021: 6%) to EUR 10.5 billion, of which the residential mortgages portfolio increased with 16% to EUR 4.2 billion, compared to an increase of 14% in the same period last year.

Despite the economic uncertainties regarding current increased inflation rates and an uncertain economic outlook Triodos Bank actively managed its credit risk resulting in a net release of the expected credit loss (“ECL”) provision in the first half year.The net release resulted in an impairment gain of EUR 1.9 million(first half year 2021: gain of EUR 1.2 million). The net release of the ECL is mainly the result of changed estimations to the parameters used in the ECL model given the current economic circumstances and outlook.

Triodos Investment Funds

In the first half of 2022, the assets under management of Triodos Investment Management decreased by 10% to EUR 5.7 billion (end of 2021: EUR 6.4 billion). This was driven by a decrease in market prices of 9% and a net outflow of EUR 105 million compared to the year-end figures of 2021. Furthermore, Triodos Investment Management launched the Triodos Future Generations Fund, which is a thematic fund aimed at improving the wellbeing and development of children worldwide. Details on the performance of the funds can be found at: www.triodos-im.com.

Financial Results

Triodos Bank recorded a growth of its balance sheet in the first six months of 2022 and a decrease in its funds under management. This resulted in a marginal decrease of total assets under management by EUR 334 million (-1%) in the first half year 2022 to EUR 23.8 billion (end of 2021: EUR 24.2 billion). The underlying trend is positive and shows a modest increase of the balance sheet by EUR 452 million (+3%) to EUR 17.0 billion (end of 2021: EUR 16.5 billion). However, the Russian invasion of Ukraine had significant effect on financial markets, which resulted in a decline in stock prices, lower inflow of Funds under Management and in some cases even outflow of funds. Funds under Management decreased by 10% to EUR 6.9 billion (end of 2021: EUR 7.7 billion).

The total income of EUR 174.4 million in the first half year 2022 (first half year 2021: EUR 165.9 million), increased over the last year due to lending growth and despite lower funds under management.

The bank’s total operating expenses (excluding loan impairments) increased by EUR 20.7 million to EUR 152.1 million in the first half year 2022 (first half year 2021: EUR 131.4 million), mainly due to additional co-worker expenses for compliance and anti-money laundering (AML) topics, additional deposit guarantee scheme (DGS) contribution, costs associated with the preparation of the MTF listing and legal costs in relation to our DR’s and the reorganisation provision. These expense drivers have an impact on the short-term ability to further improve the Cost-Income-Ratio (CIR). The bank will continue to focus on realising cost synergies while coping with regulatory cost increases. In the first half year 2022 the bank reports a CIR of 87% (June 2021: 79%). The CIR, excluding the provision for the reorganisation and the one-off external costs related to the preparation of the MTF listing and DR litigation, is 83% (June 2021: 79%).

The performance of the bank resulted in a net profit of EUR 18.8 million after tax for the first six months of 2022. The adjusted net profit for the first six months of 2022 amounted to EUR 24.2 million (first half year 2021: EUR 27.7 million). This adjusted net profit excludes the provision for the reorganisation (EUR 6 million),as well as the litigation costs regarding DRs and costs of the transition towards the intended MTF listing (EUR 1.3 million).

Capital and liquidity position

The CET-1 ratio of 17.6% (end of 2021: 17.5%) and TCR of 21.4% (end of 2021: 21.3%) remain well above the regulatory requirements and our internal minimum target levels.

The Liquidity Coverage Ratio (LCR) remains robust at 224% per end of June 2022 (end of 2021: 229%), which is well above the regulatory requirements.

The leverage ratio is also well above regulatory requirement, notwithstanding the decrease of the leverage ratio to 6.5% (end of 2021: 8.1%), mainly due to the termination of the temporary application of the CRR exemption as per 1 April 2022 where certain Central Bank exposures were previously excluded from the leverage ratio. The CRR exemption was introduced by the ECB in response to the COVID19 pandemic.

MTF platform provider

After a careful selection process, Triodos Bank has appointed Captin as provider of the Multilateral Trading Facility (MTF) for listing and trading of the depository receipts for ordinary shares (DRs) in Triodos Bank. As announced earlier, the listing process, including the preparations and obtaining (statutory) approvals, is expected to be completed in the second quarter of 2023. Captin's track record illustrates its ability to trade financial instruments such as the DRs of Triodos Bank on a regulated platform. The possibility to define the exact setup of the platform and to align it with the expectations of the DR holders is expected to contribute to a smooth transition. An Extraordinary General Meeting (EGM) will be held on Tuesday 11 October 2022. During this meeting, Triodos will formally request its shareholder, SAAT, to approve the listing of the DRs on the MTF platform.

Leadership transition

The Supervisory Board has initiated the recruitment process for a new CFO and an interim CRO and will notify the General Meeting of intended appointments in due course.

The Supervisory Board nominates Kristina Flügel as a new member of the Supervisory Board and will ask the shareholder to vote on this nomination at the Extraordinary General Meeting of 11 October 2022.


Triodos Bank paid a cash dividend amount relating to the financial year 2021 of EUR 1.80 per share on 27 May 2022. The remaining profit of 2021 was attributed to the retained earnings of the bank. Following the announcement on 1 August 2022 of the withdrawal of the restricted buyback programme of DR’s Triodos Bank announced a proposal to pay an extraordinary dividend in cash of EUR 1.01 (before withholding tax, where applicable) per DR, to the amount of EUR 14.4 million. This amount equals the capital reserved for the buyback programme and solidarity arrangement, which were withdrawn. The amount reserved for this programme will thus be paid back to DR holders. The proposal to pay an extraordinary dividend is subject to approval by the Extraordinary General Meeting, which is scheduled to take place on 11 October, 2022.

The Board of SAAT invited the Executive Board during the AGM of 20 May 2022 to reflect upon its dividend policy and explore the possibility of an interim dividend during the financial year. The Executive Board heeded this call and elected to pay an Interim Cash dividend of EUR 0.35 (before withholding tax, where applicable). The Interim Cash dividend will be made payable at the same time as the proposed Extraordinary dividend of EUR 1.01 following the Extraordinary General meeting on October 11, 2022, where the updated dividend policy and the considerations made in this regard will be shared.

Triodos Bank in 2022

In view of the war in Ukraine, the ongoing global impact of COVID-19, the high inflation and rising interest rates, geopolitical and macro-economic developments will remain of relevance to Triodos Bank’s performance. The ECL provision may therefore have to be adjusted later this year in line with the IFRS requirements.

For the second half of 2022, Triodos Bank expects to show limited growth of its revenues base, driven by an ambition to grow the bank balance sheet modestly whilst maintaining a stable loan to deposit ratio, and driven by the positive impact of the European Central Bank abolishing negative interest rates. The growth of fee income will be affected by the impact the developments on the financial markets have on the activities of Triodos Investment Management, and the growth of fees-based banking activities.

Triodos Bank will remain committed to its cost containment efforts and will continue to manage to the best extent possible the increasing cost pressure from factors outside its direct control like inflation, unforeseen and rising bank levies and legal costs, as well as the costs related to the capital transition.

In this respect Triodos Bank reiterates that it remains committed to the 2025 targets, improving cost efficiency towards a cost/income target of less than 75% by 2025 and a return on equity of 4 - 6%.

Triodos Bank’s capital and liquidity position is in line with internal target ratios and well above the regulatory minimum requirements. In the second half of the year Triodos Bank is expecting to receive guidance from the regulator about the new MREL capital requirements, which results from the implementation of the guidelines on capital reserves set by the European Banking Authority for banks in the Eurozone. This might result in additional funding costs.


These materials are not for release, distribution, or publication, whether directly or indirectly and whether in whole or in part, in or into the United States or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

These materials are for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy any securities of Triodos Bank N.V. (the “Company” and such securities the "Securities") in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States. This announcement is not an offer of Securities for sale into the United States (or to U.S. Persons, wherever located). The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons, except pursuant to an applicable exemption from registration. The Company will not be registered in the United States as an investment company under the U.S. Investment Company Act of 1940. No public offering of Securities is being made in the United States.

In the United Kingdom, this document and any other materials in relation to the Securities is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and who are also (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The Securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Securities will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this document and should not act or rely on it.

The Company has not authorised any offer to the public of Securities in any Member State of the European Economic Area. With respect to any Member State of the European Economic Area (each a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of Securities requiring publication of a prospectus in any Relevant Member State. As a result, the Securities may only be offered in Relevant Member States (i) to any person or legal entity which is a qualified investor within the meaning of Article 2(e) of the Prospectus Regulation; or (ii) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. For the purpose of this paragraph, the expression "offer of securities to the public" means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable the investor to decide to purchase or subscribe for the Securities and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 and includes any amendments and relevant delegated regulations thereto.

No action has been taken by the Company that would permit an offer of Securities or the possession or distribution of these materials or any other offering or publicity material relating to such Securities in any jurisdiction where action for that purpose is required.

The release, publication or distribution of these materials in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.

This announcement does not constitute a prospectus. Any offer to acquire Securities pursuant to the proposed offering, if any, will be made, and any investor should make his investment, solely on the basis of information that will be contained in the prospectus to be made generally available in the Netherlands in connection with such offering. If and when made generally available, copies of the prospectus may be obtained through the website of the Company.