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Triodos Bank sees fall in profits amid 'challenging' economic climate

The European ethical bank said resolving the suspension of trade in its depository receipts remained a "key priority" for 2022

Triodos Bank in Bristol(Image: Google Maps)

Ethical bank Triodos has reported a drop in profits for the first half of the year amid “challenging” geopolitical and economic conditions.

The European bank, which has its º£½ÇÊÓÆµ headquarters in Bristol, said net profit fell to €18.8m (£15.9m) after tax for the first six months of 2022 - down from €27.7m in the same period last year.

The company said the decline was driven by one-off costs for its announced reorganisation, the external litigation costs regarding the bank’s depository receipts (DRs), and the transition towards its intended multilateral trading facility (MTF) listing.

"Triodos Bank has delivered adequate financial results and safeguarded its solid financial position," said Jeroen Rijpkema, chair of the executive board and chief executive of Triodos Bank.

Mr Rijpkema said resolving the suspension of trade in Triodos's DRs remained a “key priority”. He said the appointment of Captin as the platform provider of the MTF for listing and trading of the DRs for ordinary shares was an "important step" for the bank this year.

The listing process, including the preparations and obtaining statutory approvals, is expected to be completed in the second quarter of 2023. Triodos said an extraordinary general meeting (EGM) would be held on Tuesday, October 11, during which it would formally request its shareholder, SAAT, to approve the listing of the DRs on the MTF platform.


Earlier this year, Triodos launched its first-ever bio-based mortgage in The Netherlands - whereby the interest rate is linked to the choice of materials for the home. It means the bank's customers receive an extra low interest rate if they are going to live in or build a bio-based home.

"The launch of the first-ever biobased mortgage reconfirmed our frontrunner role in sustainability and our distinctive position as a mission-driven bank," added Mr Rijpkema.