TlB Annual Report 2009 - Triodos Bank

Triodos Bank Spain
The economic crisis hit especially hard in
Spain in 2009, prompting a rapid increase
in unemployment and the collapse of the
construction industry. While the Spanish
financial system appeared to have suffered less,
many regional savings banks started or completed
mergers. Despite this complex economic
situation, Triodos Bank in Spain enjoyed a very
positive financial year, achieving high growth
figures and contributing to the Bank’s profit.
Triodos Bank’s performance in Spain was
buoyant throughout the year, with the balance
sheet increasing by 38%. The number of
customers rose by 57%. Around 40% of new
customers know about Triodos Bank through
recommendations from existing clients, who
are our key ambassadors. The Spanish team has
kept pace with this growth, professionally and
efficiently managing considerable growth.
To meet demand Triodos Bank opened three
new offices during 2009 in the Madrid, Castile-
Leon and Valencian Community regions.
Preparations also began to open a new office in
Aragon early in 2010, which was already
operating at the time of making this report.
Positive media interest and active participation
in trade fairs, public conferences and other
sustainability events, corporate social responsibility,
the alternative economy and ethical
banking have reinforced Triodos Bank’s profile.
In 2009, the sustainable redevelopment of the
Las Rozas building in Madrid, which houses
Triodos Bank Spain’s central services, was
completed. The project paid special attention to
reduce energy consumption.
ACHIEVEMENT OF GOALS FOR 2009
Triodos Bank Spain’s balance sheet total before
the elimination of transactions between Triodos
companies grew by 38% to eur 408 million in
2009. Funds entrusted increased by eur 93
million and an increase in capital added a
further eur 11 million. The expected increase of
funds in 2009 was eur 100 million. Lending
increased by eur 105 million, beyond expectations
of eur 80 million. The number of
customers rose by 57% to more than 18,000,
exceeding a target of 50%.
The second issue of depository receipts for shares
in Triodos Bank in Spain generated unprecedented
demand, increasing equity by eur 11
million and doubling the original target.
Triodos Bank’s profile in Spain has increased in
the online media and on the radio in particular,
due to both advertising and free publicity.
Growth despite the crisis, the Financial Times
Sustainable Bank of the Year Award, and the
opening of new offices in Madrid, Valladolid,
Valencia and Zaragoza have created a lot of
extra media interest in national and local media,
with considerable attention on the solidity and
success of a unique form of banking in Spain.
Triodos Bank Spain has played a leading role in
the debate about sustainable banking both in
public conferences, media and by highlighting
its expertise in the social, cultural and environmental
sectors.
LENDING
In 2009, the loan portfolio grew by eur 105
million (39%) to eur 374 million. This net growth
is well above an ambitious target of eur 80
million. More and more companies and organisations
regard Triodos Bank as their logical
sustainable, financial partner, above all in
organic farming, renewable energy and social
sectors. During 2009, Triodos Bank signed key
agreements with the Andalusian and Catalonian
Regional Governments to provide lending to
organic farmers and Special Employment Centres,
creating a number of lending opportunities in
the organic and social sectors. The sectors Triodos
Bank lends to are relatively unaffected by the
crisis. Only sustainable tourism could have felt
the crisis due to a decline in demand. The
sectors we finance, such as organic farming or
solar energy, are increasingly mature industries
and have brought a very positive impact to the
loan portfolio. As a result, our default rates
have continued to be below average in Spain,
even when we have invested in innovative new
businesses.
SAVINGS
Funds entrusted rose by eur 93 million (53%)
to eur 269 million in 2009. This figure is close
TRIODOS BANK - ANNUAL REPORT 2009 31