Triodos Bank’s impact by year end 2021 in brief:

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

Key financial performance information:

  • In another Covid-19 affected year, Triodos Bank reports a net profit of EUR 50.8 million for the year 2021, which is EUR 23.6 million higher than same period last year
  • Our sound performance in 2021 was supported by EUR 36.8 million higher total income, EUR 24.4 million lower ECL impairment expenses that partially offset EUR 29.8 million higher operating expenses compared with the previous year 2020
  • Overall loan business remains resilient, benefitting from high credit quality and a geographically well-diversified loan portfolio across Europe
  • Total Assets under Management increased by EUR 3.9 billion over the last 12 months to EUR 24.2 billion per end of December 2021 (December 2020: EUR 20.3 billion)
  • Triodos Bank reports Return on Equity of 4.1% (December 2020: 2.3%) and Cost-Income-Ratio of 80% per end of December 2021 (December 2020: 80%)
  • Customer community grew by 3% per year-end to 747,413 (2020:728,056) 
  • Triodos Bank’s capital ratios remain resilient with CET-1 ratio of 17.5% and TCR of 21.3% in 2021, which improved due to additional Tier-2 capital of EUR 250 million from our first Green Bond issue in November 2021
  • In line with bank’s dividend policy Triodos will propose a dividend amount of EUR 1.80 per depository receipt at the Annual General Meeting in May 2022

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

“It is encouraging to see that Triodos Bank has been able to further increase positive impact in a world that is confronted with severe challenges, underpinning the necessity of a bank like ours. The positive impact Triodos is creating, can only be achieved on the back of our sound financial performance, and through the still growing community of customers for our banking and investment services. It will allow us to continue to invest in impact-creating activities and will enable us to secure our ability to drive positive change. In that respect our commitment to become climate neutral by 2035, illustrates once more that we will continue to drive change as a true frontrunner. We are making good progress with the preparations for the listing of our DRs on an MTF, which in due course will restore tradability of our DRs and increase our potential access to capital.” 

Positive Impact

#AsOneToZero - Triodos Bank wants to be net-zero as early as possible, at the latest by 2035. Our ambition is that the greenhouse gas emissions of all Triodos Bank's loans and funds’ investments will be greatly reduced, using a science-based targets approach. The remaining emissions will be balanced or ‘inset’ by investing considerably in nature projects that remove greenhouse gases from the atmosphere.

Triodos Bank and the European Investment Fund (EIF) have signed a EUR 200 million guarantee agreement for the creative and cultural sector under the European Union’s Cultural and Creative Sectors guarantee facility, backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. 

Through the Social Entrepreneurship guarantee agreement provided under the EU Programme for Employment and Social Innovation (EaSI), Triodos has until the end of 2021 been able to finance EUR 87 million to 412 social enterprises in the Netherlands, Belgium, France and Spain, outperforming the original aim of EUR 65 million. 

Banking activities

Triodos Bank’s balance sheet growth is exclusively focused on assets with a clear social, cultural or environmental impact, supporting the net zero ambition for the core asset portfolio. In 2021 Retail and Business Banking activities (including Private Banking), contributed with a share of 88% to the bank’s overall net profit (2020: 76%). 

In 2021 Triodos Bank increased its lending to sustainable businesses and projects with 2% (2020: 3%), despite challenging global economic circumstances due to ongoing disruption of the economy by the COVID-19 pandemic. The residential mortgages portfolio increased by 32%, compared to 39% last year.

The loans to funds entrusted ratio is 77% at the end of 2021 (2020: 78%). 

Risk costs remain well below the through-the-cycle average. More favourable macroeconomic forward-looking parameters resulted in net release of ECL provision by EUR 0.5 million in 2021. The ECL expenses on loans represent 0 bps of the average loan book (2020: 27 bps). 

Operational expenses increased by EUR 29.8 million to EUR 275.2 million in 2021 (2020: EUR 245.4 million), partly due to additional co-worker expenses for Compliance and Anti-Money Laundering (AML) obligations, and an additional Deposit Guarantee Scheme (DGS) contribution. Corrected for the additional compliance and regulatory costs, Triodos Bank sees a downward trend in its expenses due to the structural cost savings programme and higher cost discipline applied across the group. As a result, the ratio of operating expenses against income remained stable at 80% (2020: 80%). 

Triodos Bank achieved a net profit of EUR 50.8 million, up by 87% (2020: EUR 27.2 million). This result was supported by higher income, lower impairments and a moderate cost growth, and is realised despite the ongoing margin pressure on funds entrusted.
Triodos Bank delivered a positive return on equity of 4.1% in 2021 (2020: 2.3%).

Triodos Bank UK

Overall customers numbers in the UK grew by 16% in the year to 84,964 and customer deposits increased 13.8% to GBP 1,608 million (2020: GBP 1,413 million). The total UK loan book grew to GBP 1,132 million (2020: GBP 1,070 million). Triodos Bank UK Ltd realised £7.8 million profit after tax, to yield a 4.3% Return on Equity (2020: 3.2%) and maintains sound capital and healthy liquidity positions.

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.”

Expected Credit Loss (ECL) expenses were £2.2 million, lower than 2020 (£3.0 million). ECL expenses as a proportion of the average loan book are 0.2%, which compares favourably to industry benchmarks. The cost base was carefully controlled, so that the Cost to Income ratio held steady for 2021 at 72.8% (2020: 73.9%).

Triodos Investment Funds

Triodos Investment Management achieved a net profit of EUR 6.3 million, which accounts for 12% of Triodos Bank’s overall net profit, compared to a net profit of EUR 6.5 million (24% of Triodos Bank’s overall net profit) in 2020. In 2021, Triodos Investment Management maintained an intensified monitoring of its investments to mitigate any potential increased risks or volatility resulting from the COVID-19 pandemic. The funds that invest directly in sustainable projects and companies, such as renewable energy projects, organic farming or microfinance, were able to realise stable results in the past year. The funds that invest in listed equities and bonds benefited from the stock all-time highs in the past year, resulting in strong inflows in the funds. 

As a result of the mitigating measures and continued confidence among its investor base, Triodos Investment Management was able to realise an overall growth of assets under management of 17% (2020: 10%) to EUR 6.4 billion. The net inflow of funds was 11%. The investment funds overall gained 7% of their value following stock exchange movements in 2021.

The investment funds publish separate annual reports, and most have their own Annual General Meeting. Details can be found at:


Triodos Bank’s equity position increased marginally by EUR 42 million over the last 12 months to overall EUR 1.25 billion per end of December 2021.

At the end of 2021 the Total Capital Ratio was 21.3% (2020: 18.8%) and the Common Equity Tier-1 (CET-1) ratio was 17.5 % (2020: 18.7 %). In 2021 Triodos Bank issued a subordinated green bond with an amount of EUR 250 million which qualifies as Tier 2 capital from a bank prudential perspective.

On 5 January 2021, trade in Depository Receipts (DRs) was suspended. This decision was prompted by an insufficient prospect of a stable balance between inflow and outflow of DR capital within the regulatory approved 'market making buffer' for Triodos Bank. The room available for repurchase is limited by prudential regulation to 3% of the bank’s CET-1 capital. On 21 December 2021 Triodos Bank announced the decision to pursue a listing of its Depository Receipts on a Multilateral Trading Facility. Through this listing Triodos Bank expects to be able to offer tradability of the DRs to those DR holders who wish to trade and to create the possibility to attract new investors and access to capital in the future. 

The number of Depository Receipt holders at the end of 2021 was 43,251 (2020: 43,614).

Triodos Bank in 2022

Within the broader perspective of our capital strategy, an important focus for Triodos Bank in the coming year, is to implement the decision to pursue the listing of the Depository Receipts of ordinary shares (“DRs”) on a Multilateral Trading Facility and carefully manage the impact this transition has on our Depository Receipt holders.

Looking at 2022 and beyond, Triodos Bank expects to grow fee income over time, by further growing the activities of Triodos Investment Management as well as fees-based banking activities. Triodos Bank has the ambition to grow its bank balance sheet modestly, maintaining a stable loan to deposit ratio. The bank’s ongoing focus on developing both its investment management and banking activities will further increase the positive impact Triodos Bank creates, contribute to a fair financial return while maintaining an overall modest risk appetite. 

Furthermore, there will be continued focus on improving the cost efficiency in order to achieve a cost/income target of less than 75% by 2025 and a return on equity of 4 - 6%.
Together, these efforts are expected to lead to more positive impact created by Triodos Bank’s customers, the realisation of profitable growth within a challenging interest environment and will ensure Triodos Bank can continue to meet regulatory requirements. 

The geographical and sectoral diversification of the loan portfolio contributes to a modest asset risk profile and therefore reduces the earnings volatility. The economic developments will remain uncertain, as the economic effects of the COVID-19 pandemic are likely to continue and the effects of the recent Russian invasion of Ukraine are yet unknown. The build-up of the ECL provision may therefore continue through the year 2022 in line with the IFRS requirements. 

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 a potential MREL requirement, which results from the implementation of the guidelines on capital reserves set by the European Banking Authority.


The invasion of Ukraine by Russia at the end of February 2022 presents new uncertainty. Triodos Bank is deeply concerned about Russia’s attack on a sovereign European country and feels for the people in Ukraine. 

The impact on society and financial markets is hard to predict at this moment of publication of our annual report. Triodos Bank does not have direct exposure in Russia or Ukraine. The Funds of Investment Management have a total exposure of EUR 21.3 million in Ukraine, including a EUR 3.0 million provision. There is no investment exposure identified in Russia.

The effects on society and financial markets are expected to influence management fees and Expected Credit Losses. The impact of the war in Ukraine on our activities and our ability to realise our ambitions for the year is difficult to predict at this stage. In responding to recent developments, fulfilling the bank’s mission while maintaining a sound level of risk and return will remain key. 


Considering the achieved net result for the year 2021, the suspended trade in Triodos Bank DRs, the development of external market circumstances and the uncertainties caused by the recent developments in the Ukraine, Triodos Bank proposes a dividend amount of EUR 1.80 per share.  This dividend proposal is equivalent to a pay-out ratio of 50%, which is in line with Triodos Bank internal dividend policy and is driven by Triodos Bank’s prudent approach. The remaining profit will be attributed to the retained earnings of the bank. 

Important dates for investors:

Publication of Annual Report 202117 March 2022
Extraordinary General Meeting29 March 2022
Annual General Meeting20 May 2022
Ex-dividend date24 May 2022
Dividend payment date27 May 2022


About Triodos Bank

Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. Triodos Bank is an independent bank that promotes responsible and transparent banking. Triodos Bank believes a focus on people and the planet and a good financial return can go hand in hand. These elements will reinforce each other in the long-term.

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.

Triodos Bank co-founded the Global Alliance for Banking on Values, a network of 66 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.

Triodos Bank N.V. has a full banking licence and is registered with De Nederlandsche Bank N.V. (the Dutch central bank) and the Autoriteit Financiële Markten (the Dutch Authority for the Financial Markets).

Most recent company information is available on Triodos Bank’s website:



For further information please contact:

Ed Grattan