• Triodos Bank took an important step towards its objective to reach net-zero greenhouse gas emissions by 2035: near-term emissions reduction targets were validated as science-based.  

  • Triodos Bank reports a net profit of EUR 35.2 million after tax for the first six months of 2023, compared to EUR 18.8 million in the same period last year, the highest net profit ever achieved by Triodos Bank in a six-month period.  

  • The bank’s performance in the first six months of 2023 was supported by higher revenues of EUR 56.3 million (+32% compared to the same period in 2022), partly offset by higher costs of EUR 16.7 million (+11% compared to the same period in 2022).  

  • The annualised return on equity (ROE) was 5.6%, and the cost income ratio (CIR) was 73%.    

  • Triodos Bank’s Common Equity Tier 1 (CET) ratio of 17.2% at the end of June 2023 (December 2022: 17.3%) is well above internal and external hurdle rates. The total capital ratio (TCR) decreased marginally from 21.0% in December 2022 to 20.9% in June 2023.  

  • Triodos Bank will distribute 50% of the first half year 2023 profit as an interim cash dividend of EUR 1.23 per share in September 2023 (total dividend over 2022 was EUR 2.11 per share excluding the extraordinary dividend of EUR 1.01 per share).  

  • Tradability of Triodos Bank Depository Receipts (DRs) on a multilateral trading facility (MTF) has been restored with the order book opening on 28 June 2023 and the first trades taking place on 5 July 2023.  

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

“The first six months of this year have been very important for Triodos Bank and its stakeholders. The increased focus of society on social and economic renewal due to the severe consequences of climate change, loss of biodiversity and social inequality results in persistent demand for our banking products with direct impact on financing real change. This clearly contributed to our best ever half year financial results. The improvement in profitability enables Triodos Bank to deliver greater positive impact for our stakeholders, while also providing an adequate financial return for our investors.   

I’m proud to see how our customers and society are benefiting from our ability to enable initiatives and projects that make a major positive impact in one of our chosen five transition themes: food, resource, energy, society and wellbeing. For our DR Holders these strong results coincide with the restoration of tradability of our DRs. It will take some time for trading to find a new balance in terms of price and volume, and the strong results we published today should contribute to achieving that balance. In this respect, I’m pleased that given our strong results and solid financial position, we can pay an interim dividend to our DR Holders. Finally, I’m confident that continued and undisturbed focus on our business to achieve positive impact continues to be in the interest of all our stakeholders.” 

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Contributing to change 

Triodos Bank has identified five interlinked transition themes it deems essential for economic and social renewal: food, resource, energy, society and wellbeing. The strategic focus on these five transition themes should be seen in the context of Triodos Bank’s #AsOneToZero ambition to be net-zero by 2035. Triodos Bank wants to reduce greenhouse gas emissions from its own operations, all its loans and investments funds, with a validated science-based approach. The remaining emissions will be balanced by investments in projects that remove greenhouse gases from the atmosphere, so-called nature-based solutions.  

To this effect, Triodos Bank is building up a portfolio of nature-based solutions. A loan to enable Oxygen Conservation to acquire 23,000 acres of land in Scotland to restore nature is provided as an example.  

In March, Triodos Bank took another important step towards reaching its net-zero target. The Science Based Targets initiative (SBTi) validated Triodos Bank’s near-term emission reduction targets as science-based. This means they are consistent with what the latest climate science deems necessary to achieve the goals of the Paris Agreement: limiting global warming to well below 2°C above pre-industrial levels and making efforts to limit global warming to 1.5°C.  

Financial Results 

Triodos Bank recorded a total income of EUR 230.7 million in the first half of 2023 (first half 2022: EUR 174.4 million), driven by improved interest income after a long period of negative interest rates came to an end.  

The bank’s total operating expenses increased by EUR 16.7 million to EUR 168.8 million in the first half of 2023 (first half 2022: EUR 152.1 million). In part this cost increase stems from additional expenses associated with the preparation of the MTF listing, litigation costs in relation to our DRs and restructuring expenses (EUR 9.3 million). Our personnel expenses have increased by EUR 8.2 million due to the annual Collective Labour Agreement increase and one-off cost of living compensation in the Netherlands and Spain (EUR 5.0 million) and due to additional staff for compliance and anti-money laundering activities initiated during 2022 and matured in the first half of 2023 (EUR 3.2 million).  

These expense drivers have an impact on the bank’s short-term ability to further improve our operating expenses. On 17 May 2022, we announced that we would optimise our operating model to increase positive impact and ensure readiness for improved financial performance in future periods. Triodos Bank will continue to focus on realising these cost synergies. In the first half of 2023, the bank reports a CIR of 73% (first half 2022: 87%) within the medium-term target of 70% to 75%. 

Triodos Bank recorded its highest-ever net profit for a six-month period in the first half of 2023: EUR 35.2 million, which is EUR 16.4 million higher than the EUR 18.8 million in the same period last year. This results in an annualised ROE of 5.6% (first half 2022: 3.0%) in line with Triodos Bank’s medium-term ROE ambition of 5% to 7%.  

The balance sheet provision for expected credit losses (ECL) increased by EUR 8.1 million to EUR 61.1 million at the end of June 2023 (end of 2022: EUR 53.0 million), due to ongoing macroeconomic uncertainties. The increase in the stage 1 and stage 2 ECL provision totalled EUR 1.4 million. The balance sheet ECL provision for stage 3 provision increased by EUR 6.7 million to EUR 46.4 million as at end of June 2023. These changes in the balance sheet ECL provisions led to an impairment loss in the profit and loss statement of EUR 12.6 million. 

Triodos Bank’s balance sheet marginally increased to EUR 15.9 billion (December 2022: EUR 15.8 billion). Total assets under management increased by EUR 355 million (+1.6%) in the first half of 2023 to EUR 22.9 billion (end of 2022: EUR 22.6 billion). The funds under management show an increase of 4.4% to EUR 7.1 billion, mainly driven by an increase in market prices.  

On the asset side, Triodos Bank recorded an increase of EUR 237 million in sustainable loans in the first half 2023 to EUR 10.9 billion at the end of June 2023, driven by growth in the mortgage portfolio (end of 2022: EUR 10.6 billion). Triodos Bank’s portfolio of business loans remained stable at EUR 6.3 billion.    

 The loans-to-funds entrusted ratio has increased to 79.1% at the end of June 2023 (end of 2022: 76.9%). The customer base has remained stable at 743,883 customers at the end of June 2023 (end of 2022: 744,477 customers).   

 On the liability side, the funds entrusted decreased marginally, in line with planning and as a result of the pricing strategy, by EUR 87 million over the first six months of 2023, which resulted in an overall position of EUR 13.7 billion (end of 2022: EUR 13.8 billion).   

The bank’s equity position increased by EUR 6 million to EUR 1,266 million at the end of June 2023.  

Resilient capital and liquidity position 

Triodos Bank paid a cash dividend over 2022 of EUR 2.11 per share excluding the extraordinary dividend of EUR 1.01 per share. The remaining profit for the year 2022 was allocated to the earnings reserve as an integral part of the overall capital position. Finally, this resulted in a capital position of EUR 1,266 million at the end of June 2023. The retained capital has been utilised for additional Risk-Weighted Asset (RWA)-consuming lending business in the first half of the year 2023 and has contributed to new impact creation.   

The bank’s total capital ratio (TCR) developed from 21.0% in December 2022 to 20.9% in June 2023. The minimum TCR for the bank is 14.4% based on the overall capital requirement. The CET ratio ended at 17.2% in June 2023 (December 2022: 17.3%) in line with expectations and well above internal and external hurdle rates. The leverage ratio of Triodos Bank as at June 2023 is 7.0% (December 2022: 6.9%), well above the minimum requirement of 3.0%.   

Triodos Bank will continue to work on improving its profitability while maintaining a solid equity base, together with adequate capital and liquidity coverage ratios. The bank’s overall liquidity position remains robust with a liquidity coverage ratio (LCR) of 190% as at end of June 2023 (December 2022: 193%). The regulatory minimum LCR is 100%.  


In view of the substantially higher profit in the first half of 2023, the Executive Board has decided to pay an interim cash dividend of EUR 1.23 per share (before withholding tax, where applicable), which represents a 50% pay out of the first half year 2023 net profit. This interim cash dividend will be made payable as at 19 September 2023. Due to the time required to implement the new payment process, this payment date is five days later than the regular four-week period. Triodos Bank remains committed to its dividend policy which is to distribute a total dividend over a financial year of 50%, with the possibility to adjust the pay out upwards or downwards if circumstances allow or require.  

Restored tradability 

With the listing of Triodos Bank DRs on an MTF and the first trading round on 5 July 2023, tradability of DRs has been restored.  

Currently, about 30% of all existing DR Holders have registered, the other 70% of existing DR Holders have chosen not to register on the MTF for now. In addition, more than 500 new investors have opened a trading account with Captin.   

As of today, seven rounds of trading have taken place, during which it has become clear that it will take time before a new balance between supply and demand will be found. DR Holders, Triodos Bank, and Captin all have an interest in a well-functioning trading platform, both in terms of liquidity and pricing. On this topic Triodos Bank is in dialogue with DR Holders and Captin. 

Triodos Bank in 2023 

Following an extended period of negative central bank interest rates, the current positive interest rate environment is supportive for Triodos Bank’s profitability. Alongside market developments, Triodos Bank will continue to optimize its resources by redesigning its operating model to become a more efficient bank. The improvement in profitability enables Triodos Bank to deliver greater positive impact for its customers and investors, as well as providing an adequate financial return. In this respect Triodos Bank reiterates that it remains committed to the 2025 targets, improving cost efficiency towards a CIR target of 70% to 75% by 2025 and a ROE target of 5% to 7%.  

Restoring tradability of Triodos Bank’s DRs has been the objective of an intensive project involving many co-workers over the past 18 months. With tradability restored as of 5 July 2023, Triodos Bank will closely monitor the development of trade on the MTF and continue to engage with DR Holders and Captin about these developments. In addition, Triodos Bank will continue its investor relations activities to engage with interested potential new investors as well as existing investors.  

 Above all, Triodos Bank will continue to focus on its clients and achieving positive impact through its transition themes food, resource, energy, society and wellbeing. Triodos Bank will continue to further develop these five transition themes to better understand the role of money within them, identifying the trigger points for acceleration, and choosing the areas that are most strategic to focus on within each of the five themes. This will form the basis for Triodos Bank’s commercial objectives in the coming years.  

Important dates for investors: 

  • Ex-dividend date 31 August 2023 
  • Dividend payment date 19 September 2023 


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.