Results by Divisions

European Branch Network

Triodos Bank’s balance sheet total grew by 17% to EUR 3.5 billion thanks to a steady growth of the funds entrusted and a successful share issue. Growth of between 15 to 20% was expected.

The funds entrusted increased by EUR 454 million, or 18%, against expected growth of between 15 to 20%. Savers continued to respond to the financial crisis and wider discontent about the way banks have handled their responsibilities and rewarded their employees by turning to Triodos Bank as a positive alternative. This resulted in higher growth than expected, in The Netherlands and Belgium. This was due in part to a growing profile, and account opening processes that are more efficient and tailored for local audiences.

Growth of the loan portfolio amounted to EUR 467 million, or 28%. Expected growth was between 35 and 40%. Early in the year we refined our projections down, given the economic climate.

Triodos Bank’s total number of customers increased by 18%. Expected growth was between 15% and 20%. By the end of 2010, Triodos Bank had a total of 285,000 customers.

Statement of funds entrusted per branch

  (XLS:) Download XLS

Amounts in millions of EUR

31.12.2010

31.12.2009

 

EUR

%

EUR

%

 

 

 

 

 

The Netherlands

1,455.6

48

1,220.3

47

Belgium

794.8

26

708.7

28

United Kingdom

433.7

14

386.5

15

Spain

334.3

11

268.7

10

Germany

20.3

1

0.4

0

 

 

 

 

 

 

 

 

 

 

Total

3,038.7

100

2,584.6

100

 

 

 

 

 

Statement of funds entrusted per category

  (XLS:) Download XLS

Amounts in millions of EUR

31.12.2010

31.12.2009

 

EUR

%

EUR

%

 

 

 

 

 

Saving accounts

1,752.5

57

1,544.9

60

Deposits and time accounts

446.9

15

417.2

16

Other funds entrusted

839.3

28

622.5

24

 

 

 

 

 

 

 

 

 

 

Total

3,038.7

100

2,584.6

100

 

 

 

 

 

Triodos Investment Management

Triodos Investment Management is responsible for 20 funds, totalling EUR 1.8 billion assets under management. Total growth of the investment funds was EUR 166 million, up 10%, against a target of between 25 and 30%. The impact of uncertainty around tax benefits for the Triodos Groenfonds and Triodos Cultuurfonds was responsible, in part, for lower growth than expected.

Triodos Private Banking

Private Banking increased its entrusted funds by 37% to EUR 606 million, exceeding a target of between 20 and 25% (EUR 249 million of these funds are accounted for on the balance sheet of the Dutch branch).

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