TlB Annual Report 2009 - Triodos Bank

time many individuals and institutions chose to
use their savings to reduce borrowing where
they could. Against a backdrop of such challenging
market conditions, and in common with
other uk financial institutions who also rely on
retail deposits, it was still disappointing that
our total deposits grew marginally by gbp 1
million, against a target of gbp 40 million. The
increase in overall customer numbers was also
severely affected by these conditions. It was,
however, encouraging to see continuing growth
in our online savings offerings. We also launched
a new range of fixed-term accounts, the Climate
Change Bonds, to coincide with the United
Nations Climate Change Conference in Copenhagen.
The bonds, which allow individuals to
use their savings to finance environmental
projects, attracted a number of new customers
to the bank at the end of the year.
INVESTMENTS
During 2009, our uk customers had invested
gbp 48 million in Triodos investment funds,
compared to gbp 43 million at the end of 2008.
Despite a challenging financial climate,
investors continued to be attracted to funds
making an active contribution to a more
sustainable society. Hundreds of uk investors
also chose to take a stake in Triodos Bank itself
during an international capital raising issue.
OTHER ACTIVITIES
Throughout the year we continued to enjoy
growing mainstream interest in our work. For
instance Triodos was voted Sustainable Bank of
the Year at the Financial Times Sustainable
Banking Awards, at a special event in London
in June.
To reach larger numbers of people in person,
we held a number of events around the country,
including road shows in Edinburgh and Leeds.
We also gave prospective and existing customers
the chance to visit business banking clients in
London and Reading, and organised a special
event for financial advisors in Bristol, to mark
the second National Ethical Investment Week.
We launched Know Where Your Money Goes,
which allows savers to visit our website and
pin-point our borrowing customers across the
uk and Ireland. The new tool is another engaging
example of transparency in banking, and
strengthens the connection between our savers
and borrowers.
As well as the fourth Women in Ethical Business
Awards, run in association with The Times
newspaper, we ran a successful social enterprise
photography competition for the second year
in succession. Social Vision captured inspiring
pictures of British social enterprise and culminated
in a celebratory event and exhibition, as
well as a 2010 calendar.
PROSPECTS FOR 2010
We plan to increase our lending by gbp 77
million and our savings by gbp 20 million in
2010. To take advantage of strong lending
opportunities in the uk, we plan to use funding
from other parts of the Triodos Group for a
temporary period.
As part of our efforts to grow the customer base
significantly, we will continue to extend our
online offering and broaden the overall proposition
for personal banking customers, and
develop our business banking products, by
introducing a Triodos Bank debit card.
At the same time we will continue to manage
our costs to ensure that further growth continues
even within the constraints of the current
economic environment.
More than ever there is an opportunity to
embrace real change in the banking industry.
We will continue to combine healthy growth of
the branch with proactive debate about the
future of the uk financial sector and the role
that banks like Triodos can play in developing
a truly sustainable future.
Bristol, 24 February 2010
Charles Middleton, Managing Director
For more information:
www.triodos.co.uk
www.triodos.co.uk/knowwhereyourmoneygoes
28 TRIODOS BANK - ANNUAL REPORT 2009