Profits up 50% at eco-bank

Eco-friendly bank Triodos posted a 50% rise in profit for the first half of this year.

Net profit at the Dutch bank for the six months ending 30 June 2009 was €5.7 million, up from €3.7 million in the first half of 2008.

Deposits at the bank increased 15%, growth which Triodos believes reflects disillusionment with traditional banks because of the credit crunch.

“The financial crisis has led to unprecedented interest in Triodos Bank’s sustainable approach to banking,” said Peter Blom, chief executive.

“Our sustainable and transparent banking model has increasingly widespread appeal.”

Blom anticipates a 100% increase in the bank’s balance sheet and customer numbers by 2013.

“We expect to double our balance sheet, customer numbers and lending to sustainable companies over the next three to four years,” Blom said.

Founded in 1980 to fund green and ethical projects, Triodos now has 210,000 customers in the Netherlands, the UK, Spain, and Germany.

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