20/07/10
By Andrew Holt
Triodos Bank has announced growth to its UK lending of 14 per cent during the first half of 2010.
Loans to customers including the Glastonbury festival’s Michael Eavis have enabled the bank to increase its total UK lending to £282m, a £34m net increase on the end of 2009.
The results mean Triodos is set to perform significantly better than last year, when the bank’s lending grew by 20 per cent or £41m over the year.
Triodos Bank, which this month marks 15 years in the UK, has pioneered an ethical, transparent and sustainable banking model, and only finances organisations that deliver social, environmental or cultural benefits.
Growth in social lending:
• Lending and commitments to social organisations such as charities, social enterprises, housing associations and healthcare organisations grew 13 per cent in the first six months of 2010
• Commitments to housing associations (12.2 per cent increase) and to healthcare organisations (10.4 per cent increase) were the largest single areas of growth
• Triodos Bank’s lending and commitments to social organisations now exceeds £225m
Key loans to the sector:
• £8m lending has been provided to Abbeyfield Kent Society to enable them to develop a new, flagship care facility with 56 ‘extra care’ apartments.
• A loan was paid out for Amnesty International Ireland to help build its new premises, Amnesty House in Dublin
• Care farms are a growing part of the social sector, and Triodos recently helped finance Jamie’s Farm which supports the development of vulnerable young people by providing opportunities for achievement, wellbeing and sustainable change in an agricultural setting
Key UK figures for 2010:
• Triodos’ UK loan book grew by 14 per cent (£34m) to £282m in the six months of 2010
• Gross new loans paid out were nearly £42m in the first half of 2010
• The figures to date represent 150 per cent of the total growth achieved in 2008 and is already 80 per cent of the total growth achieved in 2009
Tracy Axten, relationship manager at Triodos Bank, said: “We forecast that our lending would grow by 30 per cent over the course of 2010 so the half year results show how we are on track to achieve that growth. Our banking model means that this growth in our lending is supporting real social and environmental change, at a time when such issues are in danger of falling off the agenda."
Other stories you may find of interest:
Triodos Bank lending breaks through £300m
Triodos Bank has announced its UK lending has broken through the £300m barrier and early next year it expects to reach half a billion pounds of lending and commitments. Loans to customers including Glastonbury festival’s Michael Eavis have enabled the bank to grow its UK lending by 20% (£50m) in the first three quarters of 2010. Triodos Bank, which this earlier this year celebrated 15 years in the UK, has pioneered an ethical, transparent and sustainable banking model and only finances organisations that deliver social, environmental or cultural benefits. Key UK figures for 2010: Lending is £300 million with a further £160 million of commitments and gross new loans paid out were nearly £65m in the year to date
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